Occidental Petroleum Corp OXY shares are trading higher by 2.1% to $57.26 Monday afternoon. Shares of oil and gas companies are trading higher amid supply uncertainty following an attempted rebellion by the Wagner Group in Russia.
Uncertainty in oil supply can lead to increased oil prices. As a company involved in oil exploration, production and refining, Occidental Petroleum stands to benefit from higher oil prices.
The company can sell its oil at a higher price, potentially boosting its revenue and profitability.
What Happened?
Russia's leadership experienced a significant shock over the weekend as Yevgeny Prigozhin, leader of the Russian mercenary group Wagner, led his forces toward Moscow with demands, including the removal of Defense Minister Sergei Shoigu.
Prigozhin clarified that the march was a protest against Russia's military leadership and claimed that 30 of his personnel were killed in an attack.
"I don't think we've seen the final act," U.S. Secretary of State Antony Blinken said Saturday...Read More
According to data from Benzinga Pro, OXY has a 52-week high of $77.13 and a 52-week low of $55.51.
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