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Occidental Petroleum Corp Shares Crashed

Occidental Petroleum Corp. shares slid 2.16% to $27.23 Thursday. This proved to be an all-around mixed trading session for the stock market, with the Dow Jones Industrial Average DJIA rising 0.15% to 34,987.02 and the S&P 500 Index SPX falling 0.33% to 4,360.03. This was the stock’s second consecutive day of losses.

Occidental Petroleum Corp. closed $6.27 below its 52-week high ($33.50), which the company achieved on July 1st. The stock underperformed when compared to some of its competitors Thursday, as Exxon Mobil Corp. XOM fell 0.97% to $58.95, Chevron Corp. CVX fell 0.66% to $101.30, and ConocoPhillips COP fell 1.02% to $57.08.

Occidental Petroleum Corp Shares CrashedOccidental Petroleum Corp trading volume (18.3 M) eclipsed its 50-day average volume of 18.0 M. This was the stock’s second consecutive day of losses. U.S. oil prices finished higher after a weekly report from the Energy Information Administration (“EIA”) showed another big stockpile draw. The seventh straight fall in domestic oil stocks was accompanied by a decrease in gasoline inventories.

However, the commodity pared back some of its gains on uncertainties stemming from OPEC+’s stalled meeting, one that has been held up due to differences between the United Arab Emirates and Saudi Arabia. On the New York Mercantile Exchange, WTI crude futures moved up 74 cents or 1%, to settle at $72.94 a barrel. Meanwhile, the crude supply cover was down from 28 days in the previous week to 27.5 days. In the year-ago period, the supply cover was 38.6 days.

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