Why Occidental Petroleum Rallied in March
Shares of Occidental Petroleum (NYSE: OXY) rallied 22.5% in March, according to data from S&P Global Market Intelligence.
Occidental was an obvious beneficiary of higher oil prices, which spiked in March after the war with Iran broke out on the last day of February. As a U.S.-centered oil-and-gas giant, Occidental stands to benefit from those higher prices and unaffected supply. Although Occidental has some assets in the Middle East, they account for only a small share of its overall production.
Although oil prices had already been rising in the lead-up to the war, Iran's subsequent closing of the Strait of Hormuz added fuel to the fire, so to speak. In March, the price of oil rallied by just over 50% to $111 per barrel, leading to outsize profits for oil and gas drillers that are still able to get their barrels to market.
Source Fool.com
Occidental Petroleum Corp. Aktie
Leichte Community-Bevorzugung: Occidental Petroleum Corp. mit mehr Buy- als Sell-Einschätzungen.
Für Occidental Petroleum Corp. zeigt sich ein Potenzial von -3.27%, trotz eines Kursziels von 46 €, das unter dem aktuellen Kurs von 47.56 € liegt.
