The Beach Energy Ltd (ASX: BPT) share price has been amongst the worst performers on the market again today.
In early afternoon trade the energy company's shares are down almost 4% to 58.2 cents.
What happened?
Overnight oil prices fell lower and slipped into bear market territory.
According to Bloomberg, West Texas Intermediate crude oil fell 2.2% to US$43.23 a barrel overnight.
This means that WTI crude has now fallen more than 20 percent from its highest close this year, putting it into a bear market.
Oil prices have been weighed down by news that OPEC's output rose in May, despite its aim to curb production to increase prices.
There are additional concerns over a rise in the number of drilled-but-uncompleted wells in U.S. oilfields.
According to the EIA, at the end of May there were 5,946 wells in this category waiting to have the taps turned on.
This is the most in at least three years and, unfortunately for Beach Energy, could be a sign that production in the U.S. will continue to increase.
