88 Energy stock: Is the share now completely losing its grip?

As a result of bad news from a recent well, the 88 Energy share has already suffered badly. Those who had hoped for a quick recovery of the oil explorer were bitterly disappointed in yesterday’s trading. Although the share had already depreciated by more than two thirds, it continued to plummet on Thursday.

With losses of 7.4 per cent, it also fell by more than a manageable 0.01 euros and hopes for better times are currently becoming increasingly thin. In fact, the selling pressure was recently increased even further, and at least in the short term, the outlook is poor.

Biden declares war on high oil prices

Oil prices are an additional burdening factor at the moment. They are still at a very high level. However, US President Joe Biden took the wind out of the sails by announcing that US oil reserves would be tapped as never before.

This sent oil prices plummeting to the immediate vicinity of the 100 US dollar per barrel mark and the 88 Energy share ( Daily Current Rating ) followed this trend. This was to be expected, as oil prices are a decisive factor in whether the explorer will be able to generate even greater sales or profits in the (distant) future.

The 88 Energy share in a downward maelstrom

Today and in the coming days, prices are likely to be determined by the events surrounding Russian gas deliveries to Europe. Should these actually be stopped, which at the moment still cannot be completely ruled out, oil prices could experience the next price explosion.

Only very few seem to believe in this at the moment. Before trading started in this country, 88 Energy shares lost a further six percent in value on the Australian markets. It is difficult to assume that there will be selling pressure again on other trading venues today. The sidelines seem a highly recommended place to stay.