Shell PLC (NYSE:SHEL) shares are trading lower by 2.72% to $47.25 Wednesday morning. Shares of energy companies are trading lower again Wednesday amid a drop in oil prices as investors assess recession concerns. Concerns of an economic slowdown have pressured the demand outlook.
Per CNBC, West Texas Intermediate (WTI) crude is trading below $100 this week for the first time since May 11. At last check, WTI crude is lower by 3.69% to $95.87.
Shares of energy companies were also trading lower last week after OPEC+ agreed to stick to its planned output increase of 648,000 barrels per day in August, which has pressured oil prices.
Energy names have also been volatile amid the Russia-Ukraine conflict, which has lifted oil and gas prices due to supply concerns. The Russia-Ukraine conflict has caused volatility in the broader energy sector and put pressure on some countries to become less dependent on Russian gas.
According to data from Benzinga Pro, Shell has a 52-week high of $61.68 and a 52-week low of $36.32.
