Crude oil (WTI) is down 1.6% to $48.58 per barrel and Brent crude is dropping 1.18% to $50.05 per barrel this afternoon.
Oil prices are slipping today as investors looked to the persistent oversupply of crude and uncertainty surrounding whether Britain will leave the European Union, the Wall Street Jouranl reports.
"There is probably too much confidence about the outcome of the Brexit referendum at present - recent days have shown just how quickly public opinion can shift," Commerzbank said in a note cited by the Journal, "Against this backdrop today's [oil] price losses make sense."
Additionally, reports of a cease-fire between Nigeria's government and rebels who have attacked the nation's oil facilities in recent months are pressuring oil, Commerzbank noted.
The attacks have removed a significant amount of output and if the cease-fire continues, production could quickly return to the market, the Journal said.
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