Traders rush into bullish options on Occidental Petroleum ahead of earnings amid crude price surge

Traders are heavily buying call options on Occidental Petroleum (OXY) ahead of its upcoming earnings report, with call volumes outpacing puts by seven-to-one. This bullish activity reflects optimism driven by rising crude oil prices and Occidental's strong recent earnings performance, where the stock rallied after 10 of its last 12 reports. The company’s shares have gained 42% year-to-date, outperforming the energy sector ETF, and Warren Buffett's Berkshire Hathaway holds a significant 27% stake. Investors are betting on a fresh one-year high in the stock by the end of this week.