Why Occidental Petroleum Skyrocketed Today
Shares of Occidental Petroleum (NYSE: OXY) rocketed over 10% higher as of midday on Monday, as concerns over Russian sanctions pushed global oil prices higher. The company would benefit from higher prices, and Occidental also stands to benefit versus oil majors that have properties and exposure to Russia.
The strong day comes on the heels of last week's earnings report that handily beat expectations, and one in which Occidental increased its dividend by 1,200%.
As many know, oil prices have been rising on increased demand, along with supply that has been slow to return from the pandemic. But oil prices jumped over 4% Monday, as traders began to consider the possibility of Western sanctions cutting off Russian oil supplies from the world market.
Source Fool.com
