Occidental Petroleum Corporation (OXY) shares are trading lower on Monday, mirroring a broader downturn in the oil sector. This downward trend follows reports of Israeli airstrikes on Iran over the weekend. While the strikes targeted military sites, they reportedly spared Iran’s oil and nuclear facilities, potentially impacting investor sentiment and contributing to OXY’s decline.
According to the BBC, Israel launched these airstrikes in retaliation for over 180 missiles fired at Israel earlier this month. The attacks, which began early Saturday morning, targeted various military sites in Iran, impacting air defenses, missile and drone production, and launch capabilities. Despite the extensive nature of the strikes, Iran’s oil and nuclear facilities were not targeted. This decision aligns with U.S. President Joe Biden’s earlier request that Israel refrain from striking these sensitive infrastructure targets.
Researchers, speaking to Reuters, suggest that the strikes may have significantly hampered Iran’s ability to mass produce missiles, as they targeted a military complex near Tehran. Israeli Prime Minister Benjamin Netanyahu echoed this sentiment, claiming that Israel had severely damaged Iran’s defense capabilities and missile production capacity.
How to Buy or Short Occidental Petroleum Stock
If you’re considering participating in the Occidental Petroleum market, whether by buying shares or shorting the stock, understanding the process is key.
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Buying shares:
This is typically done through a brokerage account. You can find a list of potential platforms online, many of which allow you to purchase fractional shares, allowing you to invest smaller amounts without buying a whole share. For instance, with OXY currently trading around $50.80, a $100 investment would buy you approximately 1.97 shares.*
Shorting shares:
This is a more complex process requiring access to an options trading platform or a broker who allows short selling. Short selling involves borrowing shares to sell with the expectation of buying them back at a lower price, profiting from the price decline. Alternatively, if your broker allows options trading, you can buy a put option or sell a call option at a strike price above the current share price, both of which can profit from a share price decline.OXY Price Action
As of Monday morning, Occidental Petroleum shares are down 1.64% at $50.74, according to data from Benzinga Pro. It remains to be seen how the situation between Israel and Iran will continue to unfold and what impact it will have on OXY’s stock price in the coming days and weeks.
