Motley Fool
Why Oil Stocks Occidental Petroleum, Devon Energy, and Phillips 66 Rallied in October
Shares of U.S. oil companies Occidental Petroleum (NYSE: OXY), Devon Energy (NYSE: DVN), and Phillips 66 (NYSE: PSX) each rallied above the level of the market in October, increasing 18.1%, 28.6%, and 29.2%, respectively, according to data from S&P Global Market Intelligence. It was a good month for the markets, but oil and gas stocks had an even better month after the Oct. 5 OPEC+ meeting, during which the cartel decided to slash production by 2 million barrels per day. On Oct. 5, OPEC+, the powerful cartel of oil-producing states comprising countries in the Middle East, Africa, and South America as well as Russia, decided on a 2 million-barrel-per-day output cut, to support oil prices, which had fallen from more than $120 per barrel to below $80 by the end of September.
