Why Occidental Petroleum Stock Jumped on Monday
The price of oil is subject to many factors, and it can rise precipitously in times of emergency or stress. The start of the war with Iran is one of those times; with concern growing that the conflict will lead to a leap in prices, investors cautiously bought into oil stocks on Monday. Among the beneficiaries of this trend was veteran black gold specialist Occidental Petroleum (NYSE: OXY), whose shares rose by more than 2% during that trading session.
It's important to note here that, as of late afternoon Monday, no serious damage to oil production capacity in Iran -- or elsewhere in its region -- has yet been reported.
Image source: Getty Images.
Source Fool.com
Occidental Petroleum Corp. Aktie
45,70 €
-5,13 %
Leichtes Buy-Überwiegen bei Occidental Petroleum Corp. im Vergleich zu Sell-Einschätzungen.
Für Occidental Petroleum Corp. hat der aktuelle Kurs von 45.7 € das Kursziel der Community von 46 € erreicht.
