Why the Woodside share price is looking cheap today
Image source: Getty Images
The Woodside Energy Group Ltd (ASX: WDS) share price has been in a downward trend since late 2023.
The selling pressure has largely been driven by declining oil prices.
In September 2023, Brent crude oil was trading for US$95 per barrel. As recently as 15 January this year, the oil price still stood at US$82 per barrel.
But with US President Donald Trump intent on bringing energy prices down, helping to spur OPEC+ to increase its production levels, and with global demand in question amid concerns of slowing national economies, Brent crude oil sank to US$60 per barrel on 5 May.
At market close on Thursday, Brent was trading for US$65 per barrel. Aside from the recent pullback, the last time we saw the oil…
