Why Occidental Petroleum Plunged Today
Shares of Occidental Petroleum (NYSE: OXY) fell on Thursday, down as much as 8.6% at one point this morning, before returning to a 5.8% decline as of 1:30 p.m. EDT.
Oil prices had declined about 10% at that time, to roughly $82 per barrel -- the lowest price since early March, just after the war started.
Oil prices fell after President Trump said that Iran had agreed to the broad outlines of a deal that would reopen the Strait of Hormuz, unlocking the roughly 20% of global oil supply that Iran has restricted since shortly after the beginning of the war.
Source Fool.com
Occidental Petroleum Corp. Stock
€48.58
-1.410%
Currently there is a rather positive sentiment for Occidental Petroleum Corp. with 27 Buy predictions and 15 Sell predictions.
On the other hand, the target price of 47 € is below the current price of 48.58 € for Occidental Petroleum Corp., so the potential is actually -3.25%.
