Crude oil (WTI) is decreasing 1.17% to $48.31 per barrel and Brent crude is slumping 1.45% to $49.62 per barrel this afternoon.
Oil prices are being weighed down by investor concerns over Britain's vote next week on whether to leave the European Union, Reuters reports.
These fears overshadowed indications of a return to fundamental balance for crude markets.
The International Energy Agency (IEA) said the oil market is essentially balanced after two years of oversupply, Reuters said.
Yesterday, OPEC said it sees the oil market as more balanced in the second half of the year amid production outages in Nigeria and Canada.
"Even as both OPEC and the International Energy Agency talk about a tighter oil market, fear of the fallout from a UK exit from the euro zone is throwing global markets into a tizzy," Phil Flynn, an analyst at Price Futures, told Reuters.
WPX Energy is a Tulsa, OK-based oil and natural gas 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 feeble growth in its earnings per share, deteriorating net income, weak operating cash flow, generally disappointing historical performance in the stock itself and generally high debt management risk.
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