Crude oil (WTI) is down by 1.56% to $39.73 per barrel this afternoon and Brent crude is lower by 0.39% to $42.93 per barrel.
Oil prices are steadying after a workers' strike in Kuwait cut the country's production by more than half, which offset concerns about major producers in Doha failing to reach an agreement to freeze output on Sunday, Reuters reports.
The strike slashed more than 60% of Kuwait's crude output, which supported price benchmarks such as Brent.
Brent crude sank by as much as 7% earlier today, Reuters noted.
"The material loss in production from the Kuwait strike has helped the oil market forget about the farce from Doha," Matt Smith, director of commodity research at Clipperdata, told Reuters.
WPX Energy is a Tulsa, OK-based natural gas and oil exploration and production company.
Separately, TheStreet Ratings Team has a "Sell" rating with a score of D- on the stock.
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