Crude oil (WTI) is down 4.36% to $44.76 per barrel and Brent crude is dropping 4.52% to $44.28 per barrel.
The International Energy Agency said today that a large global supply was threatening market recovery.
The U.S. Energy Information Administration also released a report this morning that crude oil supplies fell by 2.5 million barrels for the week ending July 8. Analysts were looking for drops of about 3.25 million barrels.
Domestic production is also on the rise, climbing to 8.48 million barrels per day - a growth of 57,000 barrels.
Separately, TheStreet Ratings rated this stock as a "sell" with a ratings score of D+.
Among the areas TheStreet Ratings feels are negative, one of the most important has been a generally disappointing historical performance in the stock itself.
You can view the full analysis from the report here: RIG
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.