Australia's energy and gas stocks are getting slammed today following a sharp fall in oil prices on Friday.
The resource erased any gains made in the previous session (which resulted from airstrikes in Yemen) after the market decided that the conflict in the country was less likely to disrupt production from the Middle East. As highlighted by the Fairfax press, West Texas Intermediate (WTI) crude lost 6% to just US$48.35 a barrel, while Brent oil also lost 5.3% of its value.
Oil prices have remained volatile in recent months with the market becoming increasingly concerned about the supply glut at a time when demand is weakening. As it stands, crude inventory in the United States is sitting near an 80-year high, despite the closure of several hundred oil rigs across the nation.
Here's how some of Australia's most-widely held energy stocks are responding to the price falls today:
