$Occidental Petroleum(OXY.US) and $CNOOC(00883.HK) both saw small gains of over two percent, while $United States Oil Fund LP(USO.US) also rose by two to three percent. Oil prices are supported this round by the Middle East situation and WTI holding near $85, boosting the oil and gas industry chain. The upstream extraction sector reacts directly to price elasticity; whether prices can hold at high levels is key. Once geopolitical premiums fade, this segment is prone to profit-taking.
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