Earlier this week, CNN reported that American oil markets were poised to make a comeback.

However, according to MarketWatch, Halliburton cut 5,000 jobs over the past week and Schlumberger announced it had cut 8,000 jobs in the second quarter.

Meanwhile, the value of WTI Crude Oil dropped to $44.30 a barrel as of 2:30pm EDT.

For more information, read MarketWatch's report here.