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Nabors Industries (NBR) Stock Closes Down as Oil Prices Slide

NEW YORK (TheStreet) -- Nabors Industries (NBR - Get Report) stock closed lower by 3.77% to $10.20 on Tuesday as oil prices plunged after U.S. commercial crude inventories increased by 8 million barrels last week, according to Energy Information Administration data.

WTI crude is declining 2.33% to $45.21 per barrel, while Brent crude is down 1.72% to $47.87 per barrel this afternoon, according to the index.

U.S. crude oil stockpiles increased to 476.6 million barrels as refineries operated at 86.4% of capacity for the week ended October 16.

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Petroleum production remained flat at 9.1 million barrels per day, according to the EIA.

"Most people will agree that by end of next year, we're going to start drawing (on stocks) and we will still do that in 2017, which over time will trigger a price rally," Mercuria Energy Group CEO Marco Dunand said at the Reuters Commodities summit, Reuters reports.

Bermuda-based Nabors Industries has a land-based drilling rig fleet that it operates in North America.

Separately, TheStreet Ratings team rates NABORS INDUSTRIES LTD as a Sell with a ratings score of D+. TheStreet Ratings Team has...