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Occidental Petroleum Stock's Momentum Score Triples As US To Urge Oil Executives To Ramp Up Drilling In Bid To Stabilize Prices

Benzinga·04/16/2026 11:02:44
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Occidental Petroleum Corp’s (NYSE:OXY) stock saw a sharp surge in its momentum score, jumping from 31.02 to 92.51 on a week-over-week basis.

A momentum score is a metric that measures how strongly a stock's price is trending over time based on recent price movement and trading volume, indicating the strength of its current trend.

US Energy Officials Meet Oil Executives To Boost Output

U.S. Energy Secretary Chris Wright and Interior Secretary Doug Burgum are set to speak to major oil executives on Thursday, including those from Occidental Petroleum, according to a report by POLITICO.

The discussions aim to push for increased drilling in an effort to lower oil prices and stabilize energy supply amid escalating tensions between the Trump administration and Iran, which has roiled global oil markets following the closure of the critical Strait of Hormuz.

Benzinga’s Edge Stock Rankings now show a full breakdown in Occidental Petroleum's price structure, with short-, medium-, and long-term trends all turning positive according to the latest data.

OXY Gains As War Outlook Shifts And Buy Signal Emerges

ZeroHedge posted on X that equity markets appear to be pricing in an end to the ongoing conflict, while oil markets continue to reflect uncertainty about the outlook.

Last week, Hedgeye Risk Management CEO Keith McCullough posted that Occidental Petroleum is at a good entry point, suggesting investors who missed the move may consider buying at current levels.

President Donald Trump accused Iran of failing to meet ceasefire-related expectations regarding oil transit through the Strait of Hormuz, criticizing Tehran for restricting oil flow.

He also warned against any shipping fees, saying such actions "better not be" and must stop immediately.

Price Action

Occidental Petroleum closed at $55.83, up 0.81% on Wednesday, and is up 0.30% in pre-market trading on Thursday at the time of writing.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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