Mixed options sentiment in Occidental Petroleum with shares down 0.85%

Mixed options sentiment in Occidental Petroleum (OXY), with shares down 50c near $57.91. Options volume roughly in line with average with 82k contracts traded and calls leading puts for a put/call ratio of 0.35, compared to a typical level near 0.29. Implied volatility (IV30) dropped 1.29 near 40.98, in the highest 10% of observations over the past year, suggesting an expected daily move of $1.50. Put-call skew steepened, indicating increased demand for downside protection, following an upgrade to Overweight at Wells Fargo.