Oil Stocks- Oil prices are falling today, and so are ASX 200 (ASX: XJO) oil stocks.
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Largest stock price S & P / ASX200 Index (ASX: XJO) Oil producers are declining today after Brent crude oil prices have fallen overnight from their first highs in years.
Oil prices per barrel on Wednesday morning were $ 74.68, the highest since 2018. But when I went to bed last night, prices fell 2.8% in just two hours.
It has recovered slightly since then, and at the time of writing, it is trading at US $ 72.53 per barrel. It has fallen 0.75% in the last 24 hours.
According to the report by CNBC, The strong US dollar pushed down oil prices.
As the US dollar rises, the cost of buying oil in other currencies increases. In general, this causes the price of oil to fall.
The US dollar has been strong for the next few days. Federal Reserve Board warned It may raise interest rates soon.
Let’s take a look at how the stock prices of the three ASX200 oil producers are being tracked today.
ASX200 oil producer
Woodside Petroleum Limited (ASX: WPL)
Woodside’s share price is down 1.86% today, trading at $ 23.27.
Woodside manages three offshore oil assets in Australia. Located near Exmas, Western Australia, it produces approximately 120,000 barrels of oil per day.
With Market first Woodside is $ 22 billion and is the largest oil producer of the ASX200.
Santos Co., Ltd. (ASX: STO)
Santos’ share price is down 3.15% today and is trading at $ 7.37.
Santos has oil assets in Australia’s Cooper Basin, which stretches from northeastern South Australia to southwest Queensland to the Northern Territory.
The company has a market capitalization of approximately $ 15 billion.
Oil Search Co., Ltd. (ASX: OSH)
Well-named Oil Search operates all oil fields in Papua New Guinea.
Oil Search’s share price fell 2.17% to $ 4.06 today.
Oil Search has a market capitalization of approximately $ 8 billion.
Oil prices are falling today, and so are ASX 200 (ASX: XJO) oil stocks.
Source link Oil prices are falling today, and so are ASX 200 (ASX: XJO) oil stocks.