On July 28, Occidental fell 3.02% in regular trading, trading at $55.57 per share, with turnover of $193 million. The decline came as the broader integrated oil and gas sector faced widespread selling pressure.
The selloff reflects ongoing crude oil price volatility driven by conflicting forces in the Middle East. While Brent crude surged nearly 40% in July amid Hormuz Strait disruptions and US-Iran military escalation, prices have recently pulled back sharply from the $100 level as profit-taking intensified and uncertainty over supply recovery timelines weighed on sentiment. JPMorgan noted that actual Gulf oil exports have recovered to only 50% of pre-conflict levels, while multiple investment banks recently cut Occidental's price targets — Citigroup to $60, JPMorgan to $60, and Stephens to $69.
Within the Integrated Oil and Gas sector, the overall sector declined broadly. Among individual stocks, Exxon Mobil fell 1.67%, Chevron fell 1.74%, Shell fell 1.45%, BP fell 2.61%, and Cenovus fell 3.18%.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
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