Crude oil (WTI) was decreasing 1.4% to $50.08 per barrel and Brent crude was slumping 1.16% to $51.80 per barrel this afternoon.
Oil prices were falling today after OPEC reported that its members produced 33.39 million barrels per day in September. This is 220,000 barrels per day above August levels, Reuters reports.
OPEC's September production levels were the highest in eight years.
This comes despite OPEC agreeing late last month to cut output by 700,000 barrels per day to total between 32.5 million barrels to 33 million barrels per day, according to Reuters. The group added that global inventories are near all-time highs this year.
Additionally, there was growing uncertainty today that non-OPEC member Russia would cut its production, MarketWatch reports. Russia's state-owned energy company Rosneft, which produces 40% of Russia's oil, dismissed the OPEC agreement yesterday.
Despite Russian President Vladimir Putin supporting OPEC's output deal, Rosneft CEO Igor Sechin said the company would not reduce production levels, MarketWatch notes.
Oil prices were also pressured by a stronger U.S. dollar today. Commodities denominated in dollars, such as oil, are more expensive to foreign buyers when the dollar is higher.
Marathon Oil is a Houston-based oil exploration and production 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 "sell" with a ratings score of D.
The company's weaknesses can be seen in multiple areas, such as its weak operating cash flow, generally disappointing historical performance in the stock itself and disappointing return on equity.
You can view the full analysis from the report here: MRO