Monday is proving to be a challenging day on the ASX for the Oil Search Ltd (ASX: OSH) share price.
The company’s stock is dipping alongside those of its peers and the price of oil. Additionally, reports have emerged stating that the company is being sued by its former chief financial officer.
At the time of writing, the Oil Search share price is $4.12, 1.9% lower than its previous close.
For context, the S&P/ASX 200 Index (ASX: XJO) is currently sporting a 0.4% fall.
Let’s take a look at what might be dragging the company’s share price today.
Oil Search share price tumbles
According to data from CNBC, the price of West Texas Intermediate oil is sitting at US$75.94 per barrel right now. At the same time, barrels of Brent crude oil are trading at US$78.85.
At the same time, the globe’s biggest economies are reportedly considering releasing oil stockpiles in an attempt to combat energy prices.
Oil Search isn’t alone in its falls today. Unsurprisingly, other oil-producing companies are also in the red.
Meanwhile, that of Beach Energy Ltd (ASX: BPT) has slid 4%.
Finally, while it’s unlikely to be moving the Oil Search share price, reports emerged last week claiming the company’s former CFO is suing the company on allegations of bullying, intimidation, and harassment.
Ayten Saridas lasted just 3 months in the role in late 2020.
According to reporting by The Australian, Oil Search has denied the claims and stated it will defend against the accusations.
Right now, the Oil Search share price is 9.5% higher than it was at the start of 2021.