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Oasis Petroleum (OAS) Stock Falls After Banks Cut Credit Line

NEW YORK (TheStreet) -- Shares of Oasis Petroleum (OAS - Get Report) are down 6.31% to $12.63 in afternoon trading on Wednesday after Wall Street bank's cut the company's credit line by roughly $170 million, according to Reuters.

The company said that lenders cut its borrowing base by 10% to $1.52 billion.

The reduction in its credit line was the result of the bi-annual review of smaller oil and gas companies by Wall Street banks.

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The company drawn about $155 million on its loan revolver so far, according to Reuters.

Traders have exchanged 8.57 million shares so far today versus the stock's three month daily trading average of 6.36 million...