Crude oil (WTI) is dropping 1.69% to $36.17 per barrel and Brent oil is sliding 1.55% to $38.07 per barrel this afternoon.
Oil prices are declining today as investors doubt that top exporters will freeze production to ease the global glut, Reuters reports.
OPEC and non-OPEC members are meeting in Doha, Qatar later this month to discuss freezing output.
However, analysts said the likelihood of a deal looks weaker as Saudi Arabia will not lower production without Iran. Russia also reported its highest oil production in 30 years, Reuters noted.
"If we draw a line and add up the stance of these countries, we have to conclude that a meaningful deal is only a distant possibility," PVM Oil Associates analyst Tamas Varga told Reuters.
Tulsa, OK-based WPX Energy is a natural gas and oil exploration and production company.
Separately, TheStreet Ratings Team has a "Sell" rating with a score of D- on the stock.
This is driven by several weaknesses, which 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 covered.
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 high debt management risk 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: WPX