Energy stocks weigh on ASX after oil price declines
Make us a preferred source
Make us a preferred source on Google
The news: The ASX energy sector retreated after declines by crude benchmarks on Wednesday, as traders turned to today's meeting of the Organization of the Petroleum Exporting Countries and allies led by Russia (OPEC+).
The numbers: Energy was the worst-performing sector by 12:40pm AEDT, shedding 0.77% as the wider ASX 200 added 0.32%.
Shares in oil and gas majors Woodside Energy (-0.9%), Santos (-0.6%), and Karoon Energy (-0.2%) all lowered, while Beach Energy (0.8%) gained.
West Texas Intermediate traded near USD69 ($107) a barrel after sliding by 2% on Wednesday, with Brent crude closing above USD72, according to Bloomberg data.
The context: Oil prices steadied after Wednesday's decline, with OPEC+ set to meet today. The group is expected to further delay its plan to reverse supply cuts in response to a well-supplied market.
Meanwhile, new data provided a mixed picture in the US, with commercial stockpiles shrinking by more than five million barrels last week, while nationwide crude production hit a new record.
The source: Bloomberg
