Crude oil (WTI) was down 0.93% to $42.62 per barrel while Brent crude declined 1.17% to $44.86 per barrel.
The Energy Information Administration raised its outlook for U.S. crude production in 2016 today, forecasting production of 8.73 million barrels per day vs. previous guidance of 8.61 million barrels per day.
The EIA is expected to announce a 1 million-barrel draw in U.S. crude stockpiles for the week ended August 5 in a report due tomorrow.
Analysts are still watching for an OPEC meeting expected in September, where some analysts speculate that members of the organization will call for decreased production, MarketWatch reports.
Analysts at Morgan Stanley, however, released a downbeat note recently saying that "fundamental oil issues have not been addressed."
In the note cited by Barron's, analysts are forecasting crude oil trading at $35 per barrel in the upcoming months.
Transocean, based in Zug, Switzerland, is an offshore contract drilling services company.
Separately, 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.
TheStreet Ratings rated this stock as a "hold" with a ratings score of C-.
The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, reasonable valuation levels and expanding profit margins. However, TheStreet Ratings finds weaknesses including weak operating cash flow, a generally disappointing performance in the stock itself and feeble growth in the company's earnings per share.
You can view the full analysis from the report here: RIG