Home Business Morgan Stanley upgrades Occidental on greater oil costs, predicts 40% acquire
Business - June 18, 2021

Morgan Stanley upgrades Occidental on greater oil costs, predicts 40% acquire


Oil pump underneath the blue sky, beam pumping unit within the oil area, oil pump and water reflection

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Excessive oil costs and decrease capital bills ought to lead oil shares to throw off money, and traders ought to add a number of winners from this sector, in response to Morgan Stanley.

Whereas vitality costs dipped on Thursday amid broad commodity weak point, the benchmark oil costs within the U.S. and Europe are nonetheless up about 80% over the previous yr. The trade has seen demand surge and reserves dwindle as economies reopen.

Analyst Devin McDermott shuffled his scores for vitality shares on Friday, upgrading Occidental Petroleum to chubby from equal weight and Marathon Oil to equal weight from underweight. McDermott stated in a notice to purchasers that these shifts have been to achieve extra publicity to excessive oil costs particularly.



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