Why Occidental Petroleum, Diamondback Energy, and Battalion Oil Corporation Soared Today
While the broader markets were in negative territory Monday, shares of U.S.-based oil and gas exploration and production companies Occidental Petroleum (NYSE: OXY), Diamondback Energy (NASDAQ: FANG), and Battalion Oil (NYSEMKT: BATL) were rocketing higher, up 3.1%, 5%, and 6.9%, respectively, as of 3:17 p.m. ET.
Unsurprisingly, the synchronous moves in these oil and gas stocks coincided with a rise in oil prices today, as West Texas Intermediate oil prices rose 4.1% as of the early afternoon, approaching $97 per barrel.
While investors continue to worry over demand as the economy weakens, Monday saw supply concerns growing from not one but several international suppliers in the Middle East. Combine that with last week's talk of OPEC+ potentially curbing output, and prices were rebounding today after a two-month sell-off.
Source Fool.com
