The BHP Billiton Limited (ASX: BHP) share price has fallen 2.2% today to trade at $23.16. It did trade as low as $22.99 earlier – just 3 cents above its lowest share price since early May.
Notably, the BHP share price has now retreated 17.1% from its 52-week high of $27.95. It's also trading 34% higher than its 52-week low of $17.29.
Part of what is driving the BHP share price lower today was the sharp decline in oil prices overnight. The Brent oil price slipped to $46.92 down from almost US$49 a barrel on Wednesday.
Shares of BHP's rivals are also trading lower today. The Santos Ltd (ASX: STO) share price is off 3.1%, and Rio Tinto Limited (ASX: RIO) share price is down 2.8%.
The strength of the BHP share price over the past 18 months has taken many investors by surprise, and there could be more gains in the future if commodity prices climb from here.
But as we've warned before, if commodity prices decline, as the oil price did overnight, that could spell trouble for the BHP share price.
