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Occidental Petroleum Stock Surges Thursday: What's Driving The Action?
Shares of Occidental Petroleum (NYSE:OXY) are trading higher on Thursday, driven by increasing oil prices amidst renewed fears of supply disruption in the Middle East. Geopolitical tensions, specifically renewed concerns around the Strait of Hormuz, are causing crude markets to rally and boosting investor sentiment across the oil and gas sector. The stock is nearing overbought territory with its RSI climbing towards 70, and it has reached a new 52-week high.