WTI crude oil for August delivery was down 2.2% to $58.32 a barrel Monday afternoon and Brent crude oil for August delivery was down 1.96% to $62.02 a barrel.
Oil prices were falling due to Greece issuing a referendum to shut down its banking system on Sunday, according to Market Watch. Greece shut down is banking as it tries to resolve its debt crisis. The move could bring Greece closer to exiting the euro, according to Market Watch.
Progress in Iranian nuclear talks that could see the country exporting more oil also helped bring down oil prices.
Seadrill is an offshore drilling company with operations in the U.S., the U.K., Brazil, Norway, Thailand, Malaysia, and other countries.
TheStreet Ratings team rates SEADRILL LTD as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate SEADRILL LTD (SDRL) a HOLD. The primary factors that have impacted our rating are mixed some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, attractive valuation levels and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, generally higher debt management risk and disappointing return on equity."