Occidental Petroleum Corporation shares traded lower Monday afternoon as a broad decline in global crude benchmarks reduced recent geopolitical risk premiums after Middle Eastern supply routes stabilized. West Texas Intermediate (WTI), a U.S. crude benchmark, fell to near $97.98 per barrel during early market hours. OXY shares were down 2.89% at $57.15 at publication, according to Benzinga Pro data. Investors appeared to discount supply fears that had intensified after Saturday’s Houthi missile and drone strikes near Riyadh, as indicators showed Saudi export capacity quickly recovered and stabilized. Occidental’s concentrated upstream production profile, particularly its exposure to the Permian Basin, leaves projected near-term free cash flow sensitive to crude prices. Lower oil revenue is also significant as the company relies on elevated crude realizations to support corporate debt reduction following the integration of large-scale regional acquisitions.