Equinor ASA's stock faced downward pressure due to a combination of factors impacting the oil market. The company's Q3 adjusted earnings before tax fell to $6.89 billion, missing the consensus estimate of $7.08 billion. This shortfall was attributed to weaker oil prices and lower production levels, which have been a concern for investors. Additionally, oil prices have been under pressure due to fears of a supply glut, despite OPEC+ extending production cuts. Brent crude futures settled at $71.12 a barrel, down 1.4%, while WTI crude futures fell 1.6% to $67.20 a barrel. The market's reaction to these developments has been negative, as the prospect of oversupply continues to weigh on investor sentiment.
Equinor's stock closed at $23.23, down 3.69% from the previous day's close of $24.12. However, in after-hours trading, the stock saw a slight recovery, rising 1.68% to $23.62.