Crude oil (WTI) is lower by 2.31% to $44.86 per barrel and Bent crude is sliding by 3.12% to $45.89 per barrel.
Oil prices are trading in the red after the Organization of Petroleum Exporting Countries' production for April reached near all-time highs and record speculative buying in Brent resulted in profit-taking on last month's rally, Reuters reports.
Crude production out of OPEC grew to 32.64 million barrels per day last month.
Additionally, exports out of Iraq's southern fields also grew and so did seaborne exports from OPEC outsider Russia, Reuters added.
Marathon Oil is a Houston-based energy company that explores for, produces and markets crude oil and condensate, natural gas liquids and natural gas.
Separately, TheStreet Ratings has set a "sell" rating and a score of D on Marathon Oil stock. This is driven by a number of negative factors, which TheStreet Ratings 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 it covers.
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.
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: MRO