Why Occidental Petroleum (OXY) Stock Is Rising
Portfolio Pulse from Henry Khederian
Shares of Occidental Petroleum Corp (NYSE:OXY) are trading higher by 4.35% amid growing oil supply concerns due to the Israel-Hamas conflict. The conflict has led to increased oil price volatility, which benefits OXY as higher oil prices can increase its revenue and profitability. Any disruptions in the global oil supply due to geopolitical conflicts can impact oil prices and benefit oil companies like Occidental Petroleum.
October 09, 2023 | 6:53 pm
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Occidental Petroleum Corp's stock is rising due to growing oil supply concerns from the Israel-Hamas conflict. Increased oil price volatility can increase OXY's revenue and profitability.
The ongoing Israel-Hamas conflict has led to increased oil price volatility. As a result, oil companies like Occidental Petroleum, which are sensitive to changes in oil prices, are seeing their stock prices rise. This is because higher oil prices can increase their revenue and profitability.
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