Crude oil prices have swooned over the past year. West Texas Intermediate (WTI), the primary U.S. oil price benchmark, has fallen more than 25% since last April and is even further below its peak in the triple digits last June.

However, oil has started to heat back up along with the weather. WTI was recently above $75 a barrel and has jumped by more than $10 a barrel in the past week. It could have much further to run, given the demand catalysts ahead. In light of that outlook, oil stocks look like screaming buys this April. Among those that stand out are Devon Energy (NYSE: DVN), Pioneer Natural Resources (NYSE: PXD), Marathon Oil (NYSE: MRO), and Diamondback Energy (NASDAQ: FANG). 

While oil prices have declined this year, crude could rebound sharply in the coming months. The biggest driver is resurgent demand. Consumption declined by 80,000 barrels per day (BPD) in the fourth quarter, according to the International Energy Agency (IEA). However, its March oil market report forecasts "world oil demand growth is set to accelerate sharply over the course of 2023." It sees consumption growing by 710,000 BPD during the first quarter and rising by 2.6 million BPD by year-end. While supplies will also rise this year, the IEA expects them to fall short of demand in the second half, driven by seasonal trends and recovering demand in China. That expected shortfall between supply and demand should push oil prices higher. 

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Source Fool.com