Occidental Petroleum Stock: Why It Fell Over 1.5% Today

Why: Oil prices dropping to nine-month lows today and broader market selloff

Details: Oil prices fell today as investors are awaiting details on new sanctions on Russia. The Brent crude futures for November and the U.S. West Texas Intermediate (WTI) crude for November delivery both dropped to their lowest trading range since January.

Disruptions caused by the Russia/Ukraine war are having a major impact as the European Union sanctions banning Russian crude are set to start in December along with a plan by G7 countries for Russian oil price caps – which would tighten supply. Plus interest rate increases by central banks are causing concerns about oil demand squeezes.