Occidental Petroleum Stock Slides Monday: What's Going On?

Occidental Petroleum Corporation (NYSE: OXY) shares fell by 2.89% to $57.15 on Monday due to a decline in West Texas Intermediate crude prices, which dropped to approximately $97.98 per barrel. The decrease in oil prices comes as geopolitical supply fears diminish following the stabilization of Saudi export capacities after recent attacks. This decline is expected to negatively impact the company's near-term free cash flow, particularly as it relies on high crude prices to meet its corporate debt reduction goals following recent acquisitions.