The Woodside Energy Group Ltd (ASX: WDS) share price is sinking despite the broader market's day in the green. Right now, the oil and gas producer's stock has slipped 1.29% to trade at $37.40.
Comparatively, the S&P/ASX 200 Index (ASX: XJO) is down just 0.01% at the time of writing. Though, the S&P/ASX 200 Energy Index (ASX: XEJ) is currently one of the ASX 200's worst-performing sectors, falling 0.87%.
Let's take a look at what might be dragging on the Woodside share price on Monday.
What's weighing on the Woodside share price today?
The Woodside share price is underperforming alongside those of many of its fellow ASX 200 energy giants.
The stock is currently the energy sector's third worst performer, behind that of Beach Energy Ltd (ASX: BPT) and Ampol Ltd (ASX: ALD). They've each fallen around 1.6%.
Meanwhile, shares in both Santos Ltd (ASX: STO) and Washington H Soul Pattinson and Co Ltd (ASX: SOL) have slumped 0.6%.
Their suffering comes amid tumbling oil prices. The Brent crude oil price fell 2.4% to US$87.62 a barrel on Friday while the US Nymex crude oil price slipped 1.9% to US$80.08 a barrel. That leaves them down 8.7% and 10% respectively week-on-week.
The commodity's struggles come amid concerns of lower Chinese demand and US interest rate hikes, Reuters reports.
China recently flagged it will ease certain COVID-19 restrictions. However, cases in the nation have been growing recently.
Additionally, a strengthening US Dollar has made oil more expensive to those trading in different currencies. That has also likely weighed on the black liquid's value.
That might be what's dragging on the Woodside share price. Much of the company's earnings are reliant on the price of oil. Thus, a lower oil price generally means fewer profits.
Woodside's realised oil price more than doubled over the six months ended 30 June to US$96.40 per barrel of oil equivalent, driving its profits for the period to US$1.6 billion.
