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Transocean (RIG) Stock Tumbles on Falling Oil Prices

NEW YORK (TheStreet) -- Transocean (RIG - Get Report) stock is declining by 6.9% to $9.98 in afternoon trading on Monday, as shares of the Swiss offshore drilling contractor are pressured by weaker oil prices.

WTI crude is down by 2.89% to $43.37 per barrel on the New York Mercantile Exchange, while Brent crude is falling by 3.95% to $43.58 per barrel on the Intercontinental Exchange this afternoon.

Oil prices are reversing last week's gains, which were triggered by wildfires in Canada that cut output from the Alberta oil sands region, Bloomberg reports.

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