Why Occidental Petroleum Stock Jumped Big This Week
After crashing 10% in the first week of August, Occidental Petroleum (NYSE: OXY) stock turned around swiftly to recoup all of those losses and then some in the second week. As of 2 p.m. ET Friday, the oil stock was up 11.4% through this week, according to data provided by S&P Global Market Intelligence.
Crude oil prices may have climbed higher this week, but the real reason why Occidental Petroleum stock jumped this week had little to do with oil prices.
The oil and gas sector has delivered some of the best-performing stocks this year, thanks to crude oil prices hitting multiyear highs in March. Occidental Petroleum stock more than doubled in just the first half of the year but has cooled off since alongside oil prices. Yet Warren Buffett continues to provide the oil stock a fill-up every time it slows down.
Source Fool.com
