A Bull Market Is Coming: 3 Reasons to Buy Devon Energy Stock
Oil prices have been in a rut over concerns about the global economy. West Texas Intermediate, the primary U.S. oil price benchmark, was down about 30% from its peak last year. That has put downward pressure on oil stocks, including shares of Devon Energy (NYSE: DVN), which has followed crude lower, losing about 30% of its value from the peak.
However, a new bull market for crude oil and Devon Energy could be on the way. Here are three reasons to buy the oil stock before its shares recover.
Crude prices have been under pressure because of weaker-than-expected demand amid relatively strong supplies. However, the market appears poised for a big reversal. The International Energy Agency (IEA) sees rebounding air traffic and Chinese demand driving oil consumption to a record 102 million barrels per day this year (BPD), according to its March oil market outlook.
Source Fool.com
