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. Stock
€46.96
-4.660%
Currently there is a rather positive sentiment for Occidental Petroleum Corp. with 25 Buy predictions and 15 Sell predictions.
On the other hand, the target price of 46 € is below the current price of 46.96 € for Occidental Petroleum Corp., so the potential is actually -2.04%.
