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WPX Energy (WPX) Stock Down on Retreating Oil Prices

NEW YORK (TheStreet) -- Shares of WPX Energy (WPX) are down by 3.17% to $9.46 in late-morning trading on Monday, reflecting a drop in oil prices.

Crude oil (WTI) is down by 2.17% to $43.23 per barrel and Brent crude is falling by 1.90% to $44.82 per barrel this morning.

Oil prices hit a two-and-a-half month low as a result of ongoing concerns of a global oversupply of oil, Reuters reports.

A strong dollar and a rise in the U.S oil rig count for the fourth week straight are also driving oil prices down.

Global oil demand in the 2016...