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Transocean (RIG) Stock Fell as Oil Prices Declined in Trading

NEW YORK (TheStreet) -- Transocean (RIG - Get Report) shares closed trading down 2.22% to $81.44 as oil prices fell heavily today amid a market downturn.

Industry standard Brent crude for October delivery dropped 6.8% to $42.37 per barrel, while West Texas crude for October delivery fell 6.23% to $37.93 per barrel.

The drop in prices is tied to weak economic data from China, the world's second largest oil consumer, according to The Wall Street Journal.

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U.S. crude will close its eighth consecutive week with a loss, the longest negative streak the commodity has seen in 29 years.

Also putting pressure on oil prices today is an international supply glut that has proven to be intractable over the past year. OPEC has decided to maintain market share in the face of rising U.S. shale production by increasing its own production.

TheStreet Ratings team rates TRANSOCEAN LTD as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation: