On Tuesday, oil prices fell over 8%.
Both WTI and Brent crude closed below US$100 per barrel.
Global slowdown concerns and renewed COVID-19 restrictions in China weighed on oil prices.
Oil prices tumbled sharply on Tuesday amid growing concerns around renewed COVID-19 restrictions in China, strengthening the US dollar and augmenting concerns about a global economic slowdown. Oil prices declined nearly 8% to finish below US$100 per barrel for the first time in three months, raising bearish sentiments among traders who have now begun to cut their net-long positions of last week to the lowest since COVID-19 hurt 2020.
While WTI for August delivery closed at US$95.84 a barrel, Brent for September settlement slipped to US$99.49 per barrel.
A steady fall has been seen in oil prices since June on account of looming recession in the US. Notably, the near-term oil settlement contracts are more expensive compared to those for later delivery.
On that note, let us look at how few top ASX oil shares are performing today.
Santos Ltd (ASX:STO)
By 1:30 PM (AEST), shares of Santos were trading at AU$6.92, down 0.79%. The stock has risen over 4% on a year-to-date (YTD) basis, while it has fallen nearly 2% in the past year and over 12% in the past month.
Woodside Energy Group Ltd (ASX:WDS)
Shares of Woodside Energy were trading at AU$30.34, down 2.15%. WDS shares have risen nearly 34% on a YTD basis. The stock has climbed over 31% in the past year but fallen over 8% in the past month.
Beach Energy Ltd (ASX:BPT)
Beach Energy’s shares were trading at AU$1.67, down 1.18%. The stock has risen over 27% on a YTD basis. In the past year, BPT shares have risen over 31%, while in the past month, the stock fell over 5%.
Karoon Energy Ltd (ASX:KAR)
By 11:37 AM (AEST), Karoon Energy’s shares were trading unchanged at AU$1.515. KAR shares have fallen nearly 14% on a YTD basis. In the past year, the stock has risen nearly 15%, while in the past month, the stock has dropped more than 22%.
BHP Group Ltd (ASX:BHP)
BHP shares were trading at AU$37.03, down 1.15%. The shares have fallen over 12% on a YTD basis. In the past year, the stock has fallen nearly 27%, while in the past month, the stock has dropped more than 16%.