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Transocean (RIG) Stock Falling as Oil Prices Decline

NEW YORK (TheStreet) -- Transocean (RIG - Get Report) stock is declining by 5.45% to $13.70 in late afternoon trading on Wednesday, as oil prices slide this afternoon.

Crude stockpiles decreased by 1.9 million barrels last week to mark the second consecutive week, according to the U.S. Energy Information Administration.

However, oil prices are retreating this afternoon as crude's declines are offset by gasoline's gains, as gasoline stockpiles grew by 1.4 million barrels last week, Reuters reports.

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"The crude numbers were not a big surprise in any way," Tariq Zahir, managing member at Tyche Capital Advisors, told Reuters. "A draw we did see but there was also a bigger-than-expected build in gasoline."

WTI crude is down 3.82% to $44.59 per barrel, while Brent crude is decreasing 2.63% to $47.79 per barrel this afternoon, according to the CNBC.com index.

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

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...


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