Crude oil (WTI) is down by 2.20% to $36.92 per barrel and Brent oil is declining by 2.18% to $38.97 per barrel this afternoon, according to the CNBC.com index.
Oil prices are falling despite the release of Energy Information Administration data on Wednesday that showed a surprise decline in U.S. crude stockpiles, the Wall Street Journal reports. U.S. crude stockpiles dropped by 4.9 million barrels, while analysts were forecasting a rise of 3.3 million barrels.
Oil prices have been pressured by the global oversupply of oil.
"I don't think the (numbers) from yesterday were nearly as bullish as the headlines," Kyle Cooper, managing director at Criterion Research, told the Journal. "I don't think global supply dropped all that much."
Based in Tulsa, OK, WPX is an oil exploration and production company that operates in the Piceance Basin, the Williston Basin and the San Juan Basin.
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-. This is driven by several weaknesses, which we believe 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 we cover. 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.
You can view the full analysis from the report here: WPX