Activist investor Carl Icahn exits Occidental Petroleum after nearly three years -WSJ
Carl Icahn exited a big bet on Occidental Petroleum...
Carl Icahn exited a big bet on Occidental Petroleum Corp.OXY selling the last of what was once a roughly 10% stake in the oil-and-gas producer as its shares surge.
Mr. Icahn, who had been cutting the position, in recent days sold the remainder of it, according to a letter he sent to Occidental’s board Sunday. The move brings to a close one of Mr. Icahn’s most dramatic recent clashes, which began when he criticized Occidental for outbidding larger rival Chevron Corp. to strike a $38 billion deal to buy Anadarko Petroleum Corp. in May 2019.
The activist investor’s two representatives on Occidental’s board are also resigning, he said in the letter, as was required by a settlement agreement with the company at the onset of the pandemic.
U.S. oil prices soar Sunday, briefly punching above $130; Russia oil ban mulled
Values for U.S. oil soared Sunday evening, driving prices above $125 a barrel in electronic trade...
Values for U.S. oil soared Sunday evening, driving prices above $125 a barrel in electronic trade as discussions about a ban on Russian oil heated up.
Secretary of State Antony Blinken said Sunday the U.S. was considering an embargo of Russian oil imports “in coordination” with European and NATO allies in response to Moscow’s unprovoked invasion of Ukraine.
U.S. oil in electronic trade CL00, 7.95% was up $10.76, or around 9.3%, at $126.34 a barrel Sunday evening after April West Texas Intermediate crude futures CLJ22, 7.95%CL.1, 7.94% on the New York Mercantile Exchange marked its highest weekly gain on record, up 26.3%, based on data going back to 1983. At its peak on Sunday, oil hit an intrasession high of $130.50 before pulling back, according to FactSet.
International benchmark Brent crude BRN00, 8.83% adding $10.67, or 9.1%, at $128.83 a barrel, following a 25.5% weekly rise for May Brent BRNK22, 8.83%, also marking the strongest such percentage advance over a week on record, based on records going back to January 1991. Brent touched a Sunday peak of $139.13.
Oil forecast: Brent could rise to $125 per barrel on Monday
Last week, the Brent benchmark rose 21% to close at $118.11 a barrel and U.S. crude...
Last week, the Brent benchmark rose 21% to close at $118.11 a barrel and U.S. crude gained 26% to close at $115.68, levels not seen 2013 and 2008, respectively, as Russia struggled to sell oil amid fresh sanctions. read more
"Iran was the only real bearish factor hanging over the market but if now the Iranian deal gets delayed, we could get to tank bottoms a lot quicker especially if Russian barrels remain off the market for long," said Amrita Sen, co-founder of Energy Aspects, a think tank.
Sen said Brent could rise to $125 per barrel on Monday, quickly approaching an all-time high of $147, last seen in 2008.
Analysts from JP Morgan said this week oil could soar to $185 per barrel this year.
