The price of Occidental Petroleum stock (OXY) is on a sharp rise. The stock has gained about 36.95% in the past month.
This comes at the backdrop of the ongoing war between Ukraine and Russia. Russia is a major exporter of oil products and the current sanctions against individuals and companies engaging with Russia have greatly impacted even oil exports out of Russia giving other major players in the industry a head start.
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To help stock investors interested in investing in Occidental Petroleum, Invezz has created a brief article on what it is and where to buy its stock.
To find out more, please continue reading.
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What is Occidental Petroleum stock?
Occidental Petroleum stock is the stock of Occidental Petroleum Corporation and it trades on the New York Stock Exchange using the ticker NYSE: OXY.
Occidental Petroleum Corporation is an American-based company that carries out hydrocarbon exploration in the United States, Colombia, and the Middle East. It also manufactures petrochemicals in Canada, the United States, and Chile.
Occidental Petroleum is headquartered in Houston.
Should I buy the OXY stock today?
If you want to invest in the stock of a petroleum mining company, then the OXY stock could be a good choice.
The prices of petroleum products are going through the roof especially following the current crisis in Eastern Europe after Russia invaded Ukraine. It is not certain whether the prices will keep rising throughout the year even after the war comes to an end.
OXY stock price prediction
Going by its strong market sentiments, analysts expect the price of OXY stock to continue rallying and possibly hit $60 before the end of March.
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