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Oasis Petroleum (OAS) Stock Slides as Oil Prices Retreat

NEW YORK (TheStreet) -- Shares of Oasis Petroleum (OAS) are falling 6.84% to $7.08 late Monday morning as oil prices slump.

Crude oil (WTI) is down 2.33% to $40.63 per barrel and Brent crude is dropping 2.25% to $42.55 per barrel this morning.

Oil prices are sinking today as increases in OPEC production and U.S. oil rig additions continued to pressure the market, Reuters reports.

A survey conducted by Reuters last week showed that OPEC's oil output in July is likely to reach its highest in recent history.

Oil officials in Iraq said today that oil exports from the OPEC nation's...