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Whiting Petroleum (WLL) Stock Takes a Beating as Oil Prices Pare Earlier Gains

NEW YORK (TheStreet) -- Whiting Petroleum (WLL - Get Report) shares are slumping 3.18% to $9.14 on Monday as oil prices were tumbling on China's weak economic data.

The world's second largest economy saw its manufacturing purchasing managers index drop to 48.2 in December from 48.6 in November, adding to investors' concerns about the country's economic health, MarketWatch reports.

Crude oil (WTI) is retreating 0.81% to $36.76 per barrel and Brent crude is climbing 0.16% to $37.34 per barrel, according to the index.

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Earlier today, oil prices were rising after Saudi Arabia's execution of a dissident cleric on Saturday spurred tensions between Saudia Arabia and Iran. Traders thought that as a result, crude production could be impacted.

Overall, the Dow Jones industrial average briefly dropped by more than 450 points in mid-morning trade today, on track for its largest percent decline on the first trading day of the year since 1932, said.

This is largely due to a sharp sell-off in Chinese stocks as China's Shanghai Composite slumped 6.8% and the Shenzhen Composite dove more than 8% following the weak China manufacturing data.

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