Investors may want to take advantage of the latest dip in Occidental Petroleum (OXY).
After testing a high of $71.19, it’s now trading at $68.23 and could quickly retest its prior high. All as oil prices start to tick higher again on another potential battle in the Middle East.
As noted by CNBC, “Crude oil futures moved slightly higher Tuesday after Israel Prime Minister Benjamin Netanyahu dismissed hopes that a proposed hostage deal would prevent an attack on the southern Gaza city of Rafah.”
“The idea that we will halt the war before achieving all of its goals is out of the question,” Netanyahu added, as quoted by CNBC. “We will enter Rafah and we will eliminate the Hamas battalions there – with or without a deal, in order to achieve the total victory.”
With the potential for further conflict, oil prices could barrel back to about $88 – ahead of summer driving season.
