Occidental Petroleum Corp (NYSE:OXY) shares fell 3.37% to $39.24 on Monday, tracking a broader decline in oil-related stocks after OPEC+ announced a significant output increase.

What To Know: OPEC+ plans to boost production by 411,000 barrels per day in June, adding to similar increases in April and May. The combined rise of 960,000 bpd reverses nearly half of the voluntary supply cuts enacted since 2022.

The move, largely driven by Saudi Arabia, aims to enforce production discipline within the group and regain market share from overproducing members like Iraq and Kazakhstan.

However, the market reacted negatively, with WTI crude futures dropping nearly 2% to just under $57 per barrel--well below the $65 threshold many U.S. oil producers, including Occidental, need to sustain profitability.

What Else: Occidental is set to report first-quarter earnings after the market closes Wednesday, with analysts expecting EPS of 74 cents on revenue of $6.97 billion.

The sharp drop in crude prices may raise investor concerns about margins and future cash flow, putting added pressure on the stock ahead of the results.

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How To Buy OXY Stock

Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.

For example, in Occidental Petroleum’s case, it is in the Energy sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.

According to data from Benzinga Pro, OXY has a 52-week high of $65.78 and a 52-week low of $34.78.