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Occidental Petroleum Corp.'s third-quarter profit fell 24% as oil prices slumped, offering a preview of how other international oil companies will be affected by cheaper crude. The Houston-based company on Thursday reported a $1.2 billion profit as oil prices fell 9% from a year earlier and expenses rose for tapping oil and natural gas. Comment?
Halliburton Corp. beat analyst expectations by boosting third-quarter profit 70%, but shares in the oil-field service company rose only modestly amid persistent worries that low oil prices will slow drilling in the U.S. Halliburton and its peers, including Schlumberger Ltd., are considered bellwethers for the energy industry because they help oil and gas exploration companies drill and frack wells. U.S. oil prices are down more than 20% since the start of summer and worries are rife that further declines will be a continued drag on oil-sector stocks such as Halliburton's. Comment?
Oil futures posted a mixed performance Tuesday, with U.S. benchmark West Texas intermediate crude under pressure from supply worries while Brent crude was supported by increased tensions over Ukraine and continued turmoil in the Middle East. Comment?
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