Transocean (NYSE:RIG) Down as Oil Prices Drop

Transocean (NYSE:RIG) trades down as oil as gas prices fell Wednesday, dragging the majority of energy companies down as well.

Brent crude settled down $5.06 at $112.57 a barrel, while U.S. crude futures dropped $5.67 to settle at $98.21.

Natural gas for June delivery settled 6.5 cents, or 1.5%, lower, at $4.181 per million British thermal units on the New York Mercantile Exchange.

The U.S. Oil Fund (USO) dropped 4.2 percent to closed at $39.35, the Energy Select Sector SPDR Fund (XLE) was down 2.9 percent to close at $74.28, and the U.S. gasoline fund LP (UGA) plunged 6.4 percent to close at $51.44.

Transocean Ltd. provides offshore contract drilling services for oil and gas wells around the world.

Transocean (RIG) closed Wednesday at $66.24, down $2.12, or 2.10 percent.