Occidental shares fall as price of oil drops

NEW YORK - Shares of oil company Occidental Petroleum Corp. continued their slide Friday on the declining price of oil and the strengthening dollar. Occidental shares lost $2.38, or 3.1 percent, to $75.04 in midday trading after falling 71 cents Thursday. The shares are off 26 percent from their 52-week high of $100.04 reached in May. Oil prices sank $3.34 to $111.67 a barrel by midday Friday, falling to the lowest level since early May on signs that the world's largest economies are weakening and on OPEC's prediction that energy demand will decline. The dollar, rising in response to concerns about the global economy, also sent oil lower. Oil prices peaked at $147.27 on... [read full story]                    

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