Oil prices are declining after an International Energy Agency report said that crude oil prices are likely to continue dropping due to the global oversupply of oil, the Wall Street Journal reports.
Additionally, the Energy Information Administration lowered its 2016 demand forecast by 110,000 barrels per day on Tuesday, which also pressured prices, according to Reuters.
"The IEA report was a bearish blow, followed by the EIA report which sings from the same hymn sheet," Matt Smith, director of commodity research at ClipperData, told Reuters.
Crude oil (WTI) is down by 4.38% to $28.39 per barrel and Brent oil is falling by 6.48% to $30.75 per barrel, according to the CNBC.com index.
Based in Houston, Marathon is an energy exploration and production company.
Separately, 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.
TheStreet Ratings rates this stock as a "sell" with a ratings score of D+. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, disappointing return on equity, weak operating cash flow, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share.
You can view the full analysis from the report here: MROMRO data by YCharts