Why Occidental Petroleum and Other Oil Companies Rallied Today

Shares of Occidental Petroleum (NYSE: OXY) rallied 5% on Tuesday as oil prices rose.One of Warren Buffett's two favorite oil companies along with Chevron (NYSE: CVX), Occidental was rising along with oil prices, which were up strongly due to new developments in the Russia-Ukraine war and its potential effect on Russian oil supply. On Tuesday, oil prices were up 2% due to ongoing concerns over Russian oil supply. This was due to revelations that Ukraine has increased drone attacks on Russian oil refineries with some effect. Today, it was reported that Russia's Transneft pipeline is now limiting the amount of oil its state-backed oil companies can store at its storage facilities due to the attacks. Of note, Russian oil refining has fallen below five million barrels per day, the lowest since April 2022. Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool