On June 24, Occidental Petroleum fell 3.24% in regular trading, trading at $50.77/share, with turnover of $34.78 million. The decline came amid broad weakness across the integrated oil and gas sector.
On the news front, international crude oil futures closed lower on June 23, with WTI August contracts settling at $73.21/barrel, down 0.9%, and Brent September contracts at $76.80/barrel, also down 0.9%. The pullback formed a general bearish signal for crude oil-related equities, with short-term price trends remaining weak. Additionally, the UAE announced its exit from OPEC and OPEC+ effective May 1, pledging to gradually increase oil production, further weighing on supply-side sentiment.
Within the Integrated Oil & Gas sector, the overall sector declined broadly. Among peers, Exxon Mobil fell 2.17%, Chevron fell 2.27%, BP fell 3.03%, Shell fell 2.21%, and Petrobras fell 3.64%.
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