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PrintOccidental Petroleum (OXY) Stock Hit A New 52-Week Low: What's Going On?
BY Benzinga | ECONOMIC | 12/17/24 01:37 PM ESTOccidental Petroleum Corp
What To Know: The National Bureau of Statistics reported that November retail sales increased by just 3% year-on-year, falling short of economists' 5.3% expectations and marking a slowdown from October's 4.8% growth. Property investment, a key driver of construction and energy use, fell sharply by 10.4%, reflecting persistent struggles in the real estate sector.
China, one of the largest consumers of oil and gas globally, plays a pivotal role in shaping energy market dynamics. A slowdown in industrial activity and construction?both energy-intensive sectors?could weigh heavily on demand for Occidental's crude oil and natural gas products.
Industrial production grew 5.4% in November, slightly outpacing October's 5.3%, but the pace remains subdued, hinting at limited short-term energy growth.
Occidental's significant exposure to commodity price fluctuations means that continued weakness in China's economy could impact its revenues and profitability.
Read Also: Stocks Slip As Strong November Retail Sales Raise Concerns Over 2025 Fed Rate Cuts
How To Buy OXY Stock
Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.
For example, in Occidental Petroleum’s case, it is in the Energy sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.
According to data from?Benzinga Pro, OXY has a 52-week high of $71.18 and a 52-week low of $45.79.
