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Transocean (RIG) Stock Down as Oil Prices Fall on Demand Concerns

NEW YORK (TheStreet) -- Transocean (RIG - Get Report) stock is down by 6.15% to $14.80 in early afternoon trading on Friday, as oil prices are lower after the Fed's decision to keep interest rates unchanged this month exacerbated concerns about global demand.

The Fed announced yesterday that it will keep interest rates near zero in September because the global economy continues to struggle, which heightened concerns about insufficient global demand for commodities such as oil.

Investors are also awaiting Baker Hughes' weekly U.S. oil rig count, expected out this afternoon, to gain a better sense of the divide between supply and demand, Reuters reports.

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WTI crude is down 3.24% to $45.38 per barrel, while Brent crude is decreasing 2.12% to $48.04 per barrel this afternoon, according to the CNBC.com index.

Transocean, based in Vernier, Switzerland, is an international provider of offshore contract drilling services for oil and gas wells.

Separately, TheStreet Ratings team rates TRANSOCEAN LTD...


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