Oil Is Quietly Back Around $80 a Barrel (and Has $90 in Its Sights)
Oil prices have quietly rallied over the past month. The U.S. oil benchmark, West Texas Intermediate (WTI), has surged 15% and recently closed above $80 a barrel for the first time since April.
Crude oil prices could have further to run. Bank of America expects oil to hit $90 a barrel by early next year. While that would hurt consumers, it would be a boon for oil stocks. Here's a look at what's fueling oil prices and some oil stocks to consider buying to cash in on the rally.
Oil has risen by around $10 a barrel over the past month. Several factors have fueled oil's rebound, including additional production cuts by OPEC+ and growing optimism that the global economy could avoid a recession.
Source Fool.com
