Why Occidental Petroleum Stock Jumped Big This Week

Neha Chamaria, The Motley Fool

August 12, 2022 at 4:20 p.m.·2 min read

After crashing 10% in the first week of August, Occidental Petroleum (NYSE: OXY) stock turned around swiftly to recoup all of those losses and then some in the second week. Crude oil prices may have climbed higher this week, but the real reason why Occidental Petroleum stock jumped this week had little to do with oil prices. The oil and gas sector has delivered some of the best-performing stocks this year, thanks to crude oil prices hitting multiyear highs in March.

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