Market News

Oil Gives Up $90 Mark ahead of Midterms Outcome

Global markets remain cautious ahead of the political outcome in the U.S. and the benchmark Crude WTI too is down 0.30% to $88.4 today at 4.38 a.m. EST.

Occidental Petroleum (OXY) has delivered a mixed set of numbers for the third quarter. Revenue rose 39.3% year-over-year to $9.5 billion, comfortably surpassing estimates by $450 million.

EPS at $2.44, on the other hand, fell short of expectations by $0.04. Impressively, the company generated $3.6 billion in free cash flow before working capital during the quarter.

OXY shares are now up 29.4% in the past six months. U.S. natural gas, meanwhile, is making up lost territory and is up 0.53% to $6.17 today. Nonetheless, the weekly chart indicates prices could head lower in the coming period.

The Energy Select Sector SPDR ETF (XLE) is now up 14.11% over the past month.

Here are related tickers for this article:

  • United States Oil Fund LP (USO)
  • ProShares Ultra Bloomberg Crude Oil (UCO)
  • United States Natural Gas Fund LP (UNG)
  • Cheniere Energy (LNG)
  • Chevron (CVX)
  • ConocoPhillips (COP)

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