NEW YORK (TheStreet) -- Shares of Whiting Petroleum (WLL) are slipping by 3.30% to $34.29 in early afternoon trading on Monday, as the continuing crisis in Greece surrounding the country's enormous debt weighs on oil prices. Some energy and other related stocks are falling as a result.
Crude oil (WTI) is slipping by 2.11% to $58.37 per barrel and Brent crude is retreating by 2.23% to $61.85 per barrel this morning, according to the CNBC.com index.
On Monday, Greece announced it has closed it banks until July 6 and issued capital controls, which has caused investors to run from the risky asset and also weakened the outlook for demand, Reuters reports.
"This may be the time when we break lower and into the $50s for Brent as we have a full week of uncertainty," SEB head of commodity analysis Bjarne Schieldrop told Reuters.
Greece has about $1.8 billion it must pay to the International Monetary Fund on Tuesday, but the growing concern is that the country will not be able to make that payment.
Talks between the debt-riddled country and its international creditors on Saturday came to a halt when Greece's Prime Minister Alexis Tsipras announced he is calling for a referendum on July 5.
The referendum is essentially a vote on measures its creditors have demanded in return for more bailout funds, The Wall Street Journal reports.
Separately, TheStreet Ratings team rates WHITING PETROLEUM CORP as a Hold with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation: