Now Could Be the Perfect Time to Buy Oil Stocks
Oil prices have gotten off to a rather pedestrian start to 2023. While they've ebbed and flowed quite a bit, they're roughly flat so far this year, at around $80 a barrel. That's well off last year's peak in the triple digits following Russia's invasion of Ukraine.
Crude prices could remain muted in the near term due to continued macroeconomic uncertainty and some supply and demand dynamics. However, oil appears poised to rebound later this year. This means now might be the perfect time to buy oil stocks, since many have followed oil prices lower in recent months.
Oil prices have been under pressure for the past few months due to concerns that higher interest rates will slow the global economy. That could sap the demand for oil.
Source Fool.com
