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The Beach Energy Ltd share price is down 30% in 2017

Unfortunately for its shareholders, the Beach Energy Ltd (ASX: BPT) share price has sunk lower once again.

In afternoon trade the oil and gas producer’s shares are down 3% to 59.5 cents. This means that the Beach Energy share price has now lost 30% of its value since the turn of year.

The latest decline is likely to be attributable to oil prices falling to seven-month lows overnight.

According to Bloomberg, West Texas Intermediate crude fell 0.6% to US$44.46 a barrel and Brent crude fell 0.2% to US$46.92 a barrel.

Oil prices tumbled over 4% on Wednesday after U.S. government data showed a smaller-than-expected weekly decline in domestic supplies and an increase in gasoline stockpiles and crude production.

Unsurprisingly, the shares of Oil Search Limited (ASX: OSH) and Santos Ltd (ASX: STO) are also down sharply in recent months.

But is a turnaround coming in the near future?

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Motley Fool contributor Motley Fool Staff has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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