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Transocean (RIG) Stock Declines as Oil Prices Slide

NEW YORK (TheStreet) -- Transocean (RIG - Get Report) is decreasing by 0.89% to $15.55 in afternoon trading on Tuesday, after oil prices dropped following a bearish outlook on the world's oil market.

WTI crude is down 1.21% to $46.53 per barrel, while Brent crude is declining 1.74% to $48.99 per barrel this afternoon, according to the index.

The oil market is expected be oversupplied for at least an additional year even if non-OPEC producers curb production, according to an outlook by the International Energy Agency, Reuters reports.

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A weaker U.S. dollar had supported a rise in crude oil prices earlier today.

"There is some uncertainty in the trading markets about the direction of the U.S. dollar, with some trading action in oil reflecting hopes that the U.S. dollar declines further," Seaport Global Securities macro strategist Richard Hastings told Reuters.

Switzerland-based Transocean is an offshore drilling provider for the oil and gas industries.

Separately, TheStreet Ratings team rates TRANSOCEAN LTD as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation: