The Energy Sector Is on Fire. Is Occidental Petroleum the Best Way to Play It?
Occidental Petroleum has enhanced its ability to capitalize on higher oil prices.
The Energy Sector Is on Fire. Is Occidental Petroleum the Best Way to Play It?
Overview
The energy sector has been red-hot this year. WTI, the primary U.S. oil price benchmark, is up more than 20% this year to around $70 a barrel. While that's well off its peak in the triple digits, oil is still much higher than it started the year and could remain elevated well into 2027 as the market recovers from the prolonged closure of the Strait of Hormuz.
The surge in crude prices has benefited Occidental Petroleum (NYSE: OXY), which has also rallied more than 20% year to date, crushing the S&P 500's nearly 8% return. Here's a look at whether it's the best way to play the energy sector this year.
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Originally published at www.fool.com.
