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Atwood Oceanics (ATW) Stock Falls on Lower Oil Prices

NEW YORK (TheStreet) -- Shares of Atwood Oceanics (ATW) were down 6.67% to $9.86 in late-afternoon trading on Wednesday as lower oil prices weighed on the Houston-based offshore drilling contractor.

Crude oil (WTI) was retreating 3.02% to $41.48 per barrel while Brent crude was lower by 2.47% to $43.82 per barrel.

U.S. crude inventories increased by 1.1 million barrels in the week ended August 5, according to the Energy Information Administration. Analysts polled by Reuters were looking for a draw of 1 million barrels.

But the market might rebound as Venezuela tries to persuade OPEC to cooperate on an output reduction.

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"The mere suggestion of OPEC...