- The stock price of Occidental Petroleum (OXY) fell by 2.33% today. This is why.
The stock price of Occidental Petroleum (OXY) fell by 2.33% today
Why: Broader selloff in oil stocks
Details: There were rumors circulating that Saudi Arabia was going to increase the oil supply with OPEC and its allies, which caused Brent crude futures for January to drop 17 cents to $87.45 and U.S. West Texas Intermediate (WTI) crude futures for December to drop 35 cents to $79.73 per barrel.
And both of the benchmarks fell by over $5 a barrel (hitting 10-month lows) following a report by The Wall Street Journal that an increase of up to 500,000 barrels per day is being considered at the OPEC+ meeting scheduled for December 4.
Prices rebounded after Saudi Arabian energy minister Prince Abdulaziz bin Salman said they are going to continue output cuts and will not discuss a potential oil output increase with other OPEC oil producers.