The Woodside Energy Group Ltd (ASX: WDS) share price is struggling today.
Woodside shares are currently trading at $32.07, a 1.72% fall. For perspective, the S&P/ASX 200 Energy Index (ASX: XEJ) is down nearly 1% today.
So why is the Woodside share price falling?
Oil prices fall
The Woodside share price may be in the red today, but it is not alone among ASX oil and gas producers. The Santos Ltd (ASX: STO) share price is descending 0.63%, while the Beach Energy Ltd (ASX: BPT) is down nearly 5%.
Investors may be reacting to news on oil prices. As my Foolish colleague James reported this morning, oil prices dropped overnight due to weak economic data from China.
International benchmark Brent Crude Oil has fallen 0.86% to US$94.28 a barrel, Bloomberg data shows. Meanwhile, West Texas Intermediate (WTI) oil has descended 0.58% to US$88.89 a barrel, while Tokyo Crude Oil has slipped 1.58%.
Oil prices dropped after China, a major buyer of crude oil, released "disappointing" economic data, Reuters reported. The economy slowed, leading China's central bank to slash lending rates.
IG Group market strategist Yeap Jun Rong said in comments cited by the publication:
Commodities prices across the board were under pressure as China's July economic data painted a more downbeat growth picture than previously expected, which prompted renewed concerns on demand outlook
Woodside is due to report half year 2022 results on 30 August.
Woodside share price snapshot
The Woodside share price has exploded 51% in a year, while it is up 46% year to date.
In the past month, the company's share price has climbed nearly 5%.
Woodside has a market capitalisation of nearly $61 billion based on the current share price.
