Why Is OXY Stock Down 6.55% Today, Sep 16? Saudi Supply Relief and Fed Hike Pressure Oil Shares

Occidental (OXY) dropped 6.55% as crude prices retreated on indications of improved Saudi supply routing and a smaller-than-expected US crude draw alongside rising refined-product inventories. A concurrent 25 bp Fed hike tightened financial conditions, lifting yields and reinforcing a risk-off tone that typically weighs on cyclical energy equities. Near-term sensitivity remains high to oil price direction, inventory prints, and Middle East supply headlines.