BHP Billiton Limited share price is on the nose today

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The BHP Billiton Limited (ASX: BHP) share price has fallen 2.2% today to trade at $23.16. It did trade as low as $22.99 earlier – just 3 cents above its lowest share price since early May.

Notably, the BHP share price has now retreated 17.1% from its 52-week high of $27.95. It’s also trading 34% higher than its 52-week low of $17.29.

Part of what is driving the BHP share price lower today was the sharp decline in oil prices overnight. The Brent oil price slipped to $46.92 down from almost US$49 a barrel on Wednesday.

Shares of BHP’s rivals are also trading lower today. The Santos Ltd (ASX: STO) share price is off 3.1%, and Rio Tinto Limited (ASX: RIO) share price is down 2.8%.

The strength of the BHP share price over the past 18 months has taken many investors by surprise, and there could be more gains in the future if commodity prices climb from here.

But as we’ve warned before, if commodity prices decline, as the oil price did overnight, that could spell trouble for the BHP share price.

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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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