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Mark R. Hake, CFA

Occidental Petroleum Stock Is Off Its Peak - Time to Buy OXY or Short OTM Puts?

OXY Occidental Petroleum Petroleum Barchart Oil the Middle East

Occidental Petroleum (OXY) stock is well off its recent peak prices. However, tensions in the Middle East are not over, and oil could spike again. It could be time to buy OXY or short out-of-the-money OXY puts.

OXY closed at $53.79 on Friday, April 17, well off its recent peak of $66.24 on March 30. Its Friday close is well below where it stood before the war in Iran started. But if the war starts up, oil will spike again, and OXY stock could move higher.

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