The price of oil is falling today and so are ASX 200 (ASX:XJO) oil shares

Here’s how the 3 biggest ASX oil shares are performing today after the Brent oil price dipped overnight.

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oil can falling over and spilling coins signifying fall in oil share prices

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The share prices of the biggest S&P/ASX 200 Index (ASX: XJO) oil producers are going down today after the Brent crude oil price fell from a multi-year high overnight.

A barrel of oil was valued at US$74.68 on Wednesday morning – its highest price since 2018. But as we slept last night, the price dipped 2.8% over just 2 hours.

It has slightly recovered since and, at the time of writing, is now trading at US$72.53 per barrel. It’s fallen 0.75% over the past 24 hours.

According to reporting by CNBC, the strengthening US dollar has pushed the price of oil down.

As the US dollar rises, the cost of buying oil in other currencies increases. Generally, this causes the price of oil to fall.

The US dollar has been firming over the past few days after the US Federal Reserve warned it might lift interest rates soon.

Let’s take a look at how the 3 biggest ASX 200 oil producers’ share prices are tracking today.

ASX 200 oil producers

Woodside Petroleum Limited (ASX: WPL)

The Woodside share price is down 1.86% today, swapping hands for $23.27.

Woodside operates 3 offshore oil assets in Australia. They’re located near Exmouth, Western Australia and produce about 120,000 barrels of oil a day.

With a market capitalisation of $22 billion, Woodside is the largest oil producer of the ASX 200.

Santos Ltd (ASX: STO)

The Santos share price is 3.15% lower today, trading at $7.37.

Santos has oil assets in Australia’s Cooper Basin, which stretches across the north-east of South Australia into south-west Queensland, and the Northern Territory.

The company has a market capitalisation of around $15 billion.

Oil Search Ltd (ASX: OSH)

The aptly named Oil Search operates all of Papua New Guinea’s oil fields.

The Oil Search share price has fallen 2.17% today to $4.06.

Oil Search has a market capitalisation of about $8 billion.

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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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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