WTI crude is down 0.85% to $48 per barrel on the New York Mercantile Exchange, while Brent crude is falling 0.96% to $48.25 per barrel on the Intercontinental Exchange this afternoon.
Iran's Deputy Oil Minister Rokneddin Javadi said the country is committed to boosting exports to 2.2 million barrels per day by mid-summer from the current 2 million barrels per day level, Reuters reports.
In the U.S., the oil rig count was unchanged last week after steadily falling this year, but oil prices were prevented from falling too much because of a drawback in inventories in the Cushing, OK delivery hub.
Additionally, Exxon Mobil stock is also declining after Cornerstone Macro analysts argued that it may be time to sell shares of the Irving, TX-based energy company, according to Barron's.
Shares of Exxon Mobil have gained 6.5% in the past year and 4.3% in the past month, outperforming competitors, such as Total (TOT), Royal Dutch Shell (RDS.A), Chevron (CVX) and BP (BP), as well as several energy indexes.
Separately, Exxon Mobil has a "hold" rating and a letter grade of C at TheStreet Ratings because of the company's reasonable valuation levels, solid stock price performance and largely solid financial position with reasonable debt levels by most measures, which offsets feeble earnings per share growth, poor profit margins and weak operating cash flow.
You can view the full analysis from the report here: XOM
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 article's author.