Home Stock Market Occidental Petroleum stock declines amidst overall market downturn, affecting broader market sentiment.

Occidental Petroleum stock declines amidst overall market downturn, affecting broader market sentiment.

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Occidental Petroleum stock declines amidst overall market downturn, affecting broader market sentiment.

Occidental Petroleum Shares Dip Amid Broader Market Slump

Occidental Petroleum Corp Faces Second Consecutive Day of Losses

Occidental Petroleum Corp (NYSE:) experienced a 1.93% decrease in its share price, closing at $65.18 on Friday. This marks a second consecutive day of losses for the energy company, as the broader market also faced a downturn. The current share price of Occidental Petroleum is $10.93 below its one-year peak value of $76.11, which was achieved on November 7th, 2023.

Trading Volumes Witness a Notable Drop

Alongside the decline in share price, Occidental Petroleum also experienced a significant drop in trading volumes on Friday. Only 8 million shares changed hands, a considerable decrease compared to the daily average trading volume of 9.3 million shares. This decrease in trading activity further reflects the impact of the market downturn on the company.

Energy Sector Woes Extend Beyond Occidental Petroleum

The downward trend in stock prices was not limited to Occidental Petroleum alone. Other energy companies, including Chevron Corp. (NYSE:), EOG Resources Inc (NYSE:), and Pioneer Natural Resources Co. (NYSE:), also faced a decline in their stock prices on Friday. This indicates that the market downturn has affected the entire energy sector.

Summary

The energy market witnessed a slump on Friday, with Occidental Petroleum Corp and other companies experiencing a decrease in their stock prices. Occidental Petroleum’s shares closed at $65.18, reflecting a 1.93% decrease and marking a second consecutive day of losses. The trading volumes for the company also witnessed a notable drop. Chevron Corp., EOG Resources Inc, and Pioneer Natural Resources Co. faced a similar fate, indicating the sector-wide impact of the market downturn.