Why is the Woodside (ASX:WPL) share price slipping and sliding today?

sad looking petroleum worker standing next to oil drill

The Woodside Petroleum Limited (ASX: WPL) share price is struggling on the ASX today. Though, it’s not alone in its struggles.

The S&P/ASX 200 Energy Index (ASX: XEJ) is the worst performing index on Thursday. It has fallen 2.09% so far.

For context, the S&P/ASX 200 Index (ASX: XJO) is currently up 0.36%.

At the time of writing, the Woodside share price is $22.95, 2.86% lower than its previous close.

Not to mention, the price of oil is also tumbling. Let’s take a closer look at what might be putting pressure on the Woodside share price on Thursday.

What might be weighing the Woodside share price today?

The Woodside share price is tumbling alongside oil prices, which reportedly experienced their biggest single-day fall in more than 3 weeks overnight.

According to data from CNBC, the price of West Texas Intermediate oil is currently down 1.15%, trading at US$79.93 a barrel. Additionally, the price of Brent crude oil is down 0.83%, selling for US$81.31 per barrel.

As Reuters reports, the price of oil dropped as the United States’ weekly crude stocks increased by 3.3 million barrels.

Further, the publication claims the Organization of the Petroleum Exporting Countries and its allies, better known as OPEC+, plans on meeting on Thursday. The group is reportedly expected to continue with its steady approach to resupplying the world’s oil markets despite pressure to increase production.

Some of such pressure has come from United States’ President Joe Biden. Biden reportedly blamed OPEC+’s approach for surging energy commodity prices at COP26 earlier this week.

While on the topic of COP26, another Reuters report claims at least 19 countries are planning to pledge to end foreign investment in fossil fuel projects before 2023.

The pledge likely isn’t affecting the Woodside share price today, particularly as Australia hasn’t been named as one of the 19 countries. However, it could be weighing on the broader global energy market.

Those interested can find a map of Woodside’s global presence here.

The post Why is the Woodside (ASX:WPL) share price slipping and sliding today? appeared first on The Motley Fool Australia.

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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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