The Woodside Petroleum Limited (ASX: WPL) share price is down 3.6% to $35.62 today despite the WA-based LNG and oil producer releasing no specific news to the market.
The stock is probably heading lower after benchmark West Texas Intermediate (WTI) oil futures fell close to 10% in value over the past week, after the US reported a crude oil inventory build. The other geopolitical factor dragging prices down is concern that the US–China trade war could impact global growth and subsequent demand for oil or other commodities.
This afternoon (AEST), WTI futures have rebounded around 1% higher to US$58.50, with Brent crude futures at US$68.50.
And it's not just Woodside under the pump today, with the likes of Santos Ltd (ASX: STO) and Oil Search Limited (ASX: OSH) both around 3% lower.
Over 2018, Woodside posted a full year net profit of US$1,364 million on revenue of US$5,240 million.
