2024-02-22 16:03:15 ET
Summary
- WTI crude oil has struggled to climb above the mid-$70s due to weak demand from China and strong US production.
- Occidental Petroleum posted decent Q4 2023 numbers, a second straight earnings beat as the company mulls the sale of its Western Midstream assets.
- Technically, OXY's chart shows a consolidation pattern, but with improving RSI momentum, a breakout or breakdown could be in the offing.
WTI crude oil continues to meander in the mid-$70s despite ongoing geopolitical tensions in the Middle East. Bearish factors, including weak demand out of China and very strong US production, seem to be powerful factors capping oil’s climb off its low under $70 last December. Couple lackluster price action in the oil market with very depressed natural gas prices, and Energy sector stocks have not performed well thus far in 2024. ...
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Occidental: Looking Ahead To Better Growth In 2025, Shares A Value But Rangebound