3 Top Oil Stocks to Buy on OPEC's Latest Move
Oil prices have bounced around quite a bit this year. Brent oil, the global-pricing benchmark, started 2022 below $80 a barrel before soaring into the $120s following Russia's invasion of Ukraine. It has since cooled off, steadily falling back into the $80s on global economic concerns.
However, OPEC recently took a step to stem the slide in crude prices by agreeing to slash its output by 2 million barrels per day starting next month. That move has already pushed oil back up into the mid-$90s. Crude could keep rebounding as those barrels start coming off the market next month.
With the prospect of higher oil prices, we asked some of our energy contributors what oil stocks they believe are best positioned to capitalize following OPEC's bold move. Here's why they think Chevron (NYSE: CVX), ExxonMobil (NYSE: XOM), and Devon Energy (NYSE: DVN) stand out as the top oil stocks to buy following OPEC's latest attempt to influence the oil market.
Source Fool.com
