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The Worleyparsons Limited share price has tumbled 3%

Unfortunately for its shareholders, the Worleyparsons Limited (ASX: WOR) share price isn’t having a great day.

In morning trade the shares of the professional services company are down almost 3% to $11.91.

Today’s decline is likely to be attributable to news that oil prices dropped to a seven-month low overnight.

According to Bloomberg, oil prices fell after U.S. government data showed a smaller-than-expected weekly decline in domestic supplies, as well as an increase in gasoline stockpiles and crude production.

Unsurprisingly this news has also weighed heavily on the shares of oil and gas producers Santos Ltd (ASX: STO) and Oil Search Limited (ASX: OSH).

But low oil prices aren’t bad news for all shares on the local share market. They could be a big win for companies like Qantas Airways Limited (ASX: QAN) and its airline rivals.

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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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