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Occidental Petroleum stock was rising sharply Monday. There are three reasons why.
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.