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?
