The price of the commodity is being pressured by slumping global stocks and ongoing concerns about the oil oversupply, the Wall Street Journal reports.
Crude oil (WTI) is nosediving by 4.15% to $27.28 per barrel this morning and Brent crude is falling by 2.92% to $27.92 per barrel, according to the CNBC.com index.
"The bearish mood continues," Michael Nielsen, an oil analyst at Global Risk Management, told the Journal. "Market participants are digesting the mediocre Chinese economic data and the outlook for Iranian oil flooding the already oversupplied oil market-the outcome seems to be continued fear of demand slowdown and supply increase."
Iran could add 300,000 barrels per day of oil by the end of the first quarter now that sanctions have been removed, the Journal noted.
Continental Resources is an Oklahoma City-based crude oil and natural gas exploration and production company.
Separately, TheStreet Ratings Team has a "sell" rating and score of D+ on Continental Resources. This is driven by multiple weaknesses, which it believes should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks the team covers.
The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, generally high debt management risk, disappointing return on equity, weak operating cash flow and generally disappointing historical performance in the stock itself.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: CLRCLR data by YCharts