Shares for Woodside Petroleum Ltd [ASX:WPL] are up 6% since last Friday after a sudden spike in oil prices. Woodside is the largest independent oil and gas company in Australia. Shares for Woodside are trading at $33.26 today, at time of writing.
It has been a solid 12-month period for the stock. The latest news out of the company is its full-year results, which reveal improved cash flow and growth in reserves.
Of the ASX oil stocks, Beach Energy was the worst hit, down 9.95%, trading at $1.63. These moves mirror the decline in oil price, with WTI Crude down 0.51% today — trading at $52.37.
Oil producers have come under pressure this morning with Beach Energy Limited [ASX:BPT] losing 5.48% as oil prices fell overnight. Beach Energy has fallen from $2.19 to $2.07 on the back of weaker oil prices sparked by record production.
Beach Energy Limited [ASX:BPT] gained 1.70% by 1:30pm today. The stock was trading at AU$1.05 a share. Heavy selling on Wall Street overnight prompted the Australian market to do the same today...