NEW YORK (TheStreet) -- Weatherford International (WFT - Get Report) shares are down 2.41% to $7.28 Monday along with tumbling oil prices.
Oil futures slumped as investors were less hopeful of the Middle East producers coming to an agreement during its meeting in Doha later this month, to suppress the current oversupply. Iran said it would still increase output until it reached a favorable market position, Reuters reports.
Unless Iran agrees to control its production, oil giant Saudi Arabia will not agree to limit output.
Crude oil (WTI) is tumbling 1.44% to $36.26 per barrel and Brent crude is slipping 1.45% to $38.11 per barrel.
Despite this bearish sentiment, it appears that U.S. production is proving more resilient to declining oil prices, Reuters added.
Based in Switzerland, Weatherford International operates as a multinational oilfield service company worldwide.
Separately, TheStreet Ratings currently has a "Sell" rating on the stock with a letter grade of D.
The company's weaknesses can be seen in multiple areas, such as its generally high debt management risk, disappointing return on equity, poor profit margins, weak operating cash flow and generally disappointing historical performance in the stock itself.