Asian Stocks Decline as Energy Prices and Profits Plummet

Photo of author

By Jacob Maslow

Asian stocks across the board were trading down today as energy giant BP (LON:BP) reported an annual loss of $6.5 billion, making it the worst loss in 20 years for the energy giant, and making it the latest in a long line of energy firms to see stock prices tumble.

The Nikkei and HSI, as well as several other regional markets all, edged lower as energy stocks yesterday responded to the BP earnings by declining further. Several bank stocks including UBS (-7.81%) and RBS (-3.41%) edged lower in response to the news.

Concern over crude prices continues to concern investors across the globe, with European stocks ending lower yesterday, and today’s Asian declines reflecting the fact. Just how low oil will go, nobody, seems certain, but stock prices across the world are reflecting the mood the price crash is creating.

So far this year BP, Chevron (NYSE:CVX), Exxon Mobil (NYSE:XOM) and Halliburton (NYSE:HAL) have all seen stock prices tumble as the price of crude continues to slide.

Brent Crude is currently trading at $32.51 per barrel, with WTI trading at $29.67.

Images Courtesy of DepositPhotos