The slumping stock of StatoilHydro appears to be adhering to the steady lowering of the market price for a barrel of oil, a trend which has watchers of Oslo’s energy- and raw materials centric burse raising flags.

Despite recording another record quarterly performance, StatoilHydro shares have slid in value about 20 percent since early May 2008 and Børsen has followed.. The whole, energy-focused burse — usually a ray of light in a troubled world — has lost 24 percent in value, newspaper Aftenposten has reported.

While StatoilHydro has handled the oil price fluctuations, and the industry is still thriving, public perception has it that oil's drop is affecting performance: The fall in Oslo has mimmicked oil’s $25 dollar fall in the same period, roughly a percentage point drop per dollar shaved off oil's price.

Unlike Oslo, Europe’s burses have rallied on oil’s steady downward turn.

Tags: StatoilHydro