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Occidental Petroleum stock was rising sharply Monday. There are three reasons for the move.
First, oil prices were surging Monday on supply fears as the U.S. and its allies were considering a ban on Russian oil after Moscow’s invasion of Ukraine. West Texas intermediate crude oil, the U.S. benchmark, rose 6% to $122.66 a barrel. International benchmark Brent was up 5.8% to $124.96 a barrel; it had reached $130 a barrel in early trading.