3 Oil Stocks You Can Buy Right Now Before They Surge Even Higher
Oil prices cratered during the early days of the pandemic, taking oil stocks with them. However, they have rallied sharply since those early days as the global economy has slowly reopened and gotten back to normal. Meanwhile, they got an added boost last year following Russia's invasion of Ukraine.
Crude prices and oil stocks have cooled off over the past several months on macroeconomic concerns. However, they could heat back up this summer as demand surges past supplies. That could make now a great time to buy some once-red-hot oil stocks before they surge again. Three that stand out are Devon Energy (NYSE: DVN), Occidental Petroleum (NYSE: OXY), and Marathon Oil (NYSE: MRO).
Recession worries have weighed on oil prices and oil stocks because of the concern that it could sap demand for crude. However, weakening demand isn't in the forecast. The International Energy Agency (IEA) recently published its May oil market report. It expects crude oil demand to rise by 2.2 million barrels per day (BPD) this year, which is 200,000 BPD higher than its April outlook.
Source Fool.com
Occidental Petroleum Corp. Stock
With 15 Buy predictions and only 1 Sell predictions the community sentiment for the stock is positive.
With a target price of 69 € there is a positive potential of 49.8% for Occidental Petroleum Corp. compared to the current price of 46.06 €.
