Crude oil (WTI) was recently falling 1.36% to $50.16 per barrel and Brent crude was retreating 1.12% to $51.20 per barrel.
Oil prices were under pressure today as Iraq said it does not want to join an OPEC agreement to reduce output. But Iran said it would encourage other members to participate in a production freeze, Reuters reports.
Iraqi oil minister Jabar Ali al-Luaibi said Baghdad would like to be exempt from any output cut OPEC is looking to accomplish.
Last month, OPEC said it plans to lower its production to between 32.5 million barrels per day and 33 million barrels per day compared to 33.39 million bpd in September, Reuters noted.
The group's members will discuss details at its next meeting on November 30.
"A decision to cut to 33 million bpd should keep the crude price basis Brent in the $50-$60 band, not least because it shows that Saudi policy has changed, that OPEC is serious and can rise above political disagreements," David Hufton of PVM wrote in a note cited by Reuters.
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 generally high debt management risk, disappointing return on equity, weak operating cash flow and generally disappointing historical performance in the stock itself.
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: DNR