Oil Stocks Rally Broadly with Occidental Gaining Over 3%
Stock News
Mar 19
Oil stocks saw widespread gains on Thursday. Occidental Petroleum rose more than 3%, alongside Imperial Oil, which also advanced over 3%. Petrobras increased by more than 2%, while Chevron and ConocoPhillips each climbed over 1%. Analysts at Citigroup suggested that if energy infrastructure were to suffer widespread attacks or if the Strait of Hormuz were to remain closed for an extended period, the average price of Brent crude futures could reach $130 per barrel in the second and third quarters of this year.
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