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.
Should you invest $1,000 in Woodside right now?
Before you consider Woodside, you’ll want to hear this.
Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Woodside wasn’t one of them.
The online investing service he’s run for nearly a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.
*Returns as of August 16th 2021
- 5 things to watch on the ASX 200 on Thursday
- 2 more of the best ASX shares to buy in November according to this top broker
- 5 things to watch on the ASX 200 on Wednesday
- How did the Woodside Petroleum (ASX:WPL) share price perform in October?
- 5 things to watch on the ASX 200 on Tuesday
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.
from The Motley Fool Australia https://ift.tt/3CNG4rw