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Noble Corp. (NE) Stock Declines as Oil Prices Fall on Higher Stockpiles

NEW YORK (TheStreet) -- Noble Corp. (NE - Get Report) stock is decreasing by 0.49% to $12.21 in afternoon trading on Thursday, after oil prices slipped on a hike in U.S. crude oil inventories.

WTI crude is down 0.54% to $46.39 per barrel, while Brent crude is declining 0.92% to $48.70 per barrel this afternoon, according to the index.

U.S. commercial crude oil stockpiles increased by 7.6 million barrels to 468.6 million barrel as production at refineries declined for the week ended October 9, according to data released by the Energy Information Administration on Wednesday.

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Production, however, declined to 9.1 million barrels per day last week from 9.17 million barrels the previous week.

"We believe the downside potential for oil prices is limited and expect to see moderately rising prices in the coming weeks and months," Carsten Fritsch from Commerzbank told Reuters. "After all, there are...