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3 Stocks to Buy Now as Oil Prices Continue to Climb By StockNews

by Mike Robinson

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© Reuters. 3 Stocks to Buy Now as Oil Prices Continue to Climb

Owing to the resurgence of COVID-19 cases and rampaging hurricanes in the United States, the oil supply has taken a hit. Due to a sudden, unprecedented rise in demand oil prices are now at their highest level in three years and will likely climb further in the months ahead. Given this backdrop, we think oil stocks PDC Energy (NASDAQ:), Magnolia Oil and Gas Corp (MGY), and Oasis Petroleum (NASDAQ:) could be solid bets now. Let’s discuss.Recent hurricanes and rising COVID-19 cases have negatively impacted the oil & gas industry. The market is still bullish as shown by oil prices rising for five consecutive days, to close to three-year highs. Brent crude hit $79.52 per barrel.

Additionally, the global oil market is forecast to return to its pre-pandemic level by next year. Goldman Sachs (NYSE:) expects prices to hit $90 per barrel by year’s end.

Oil and exploration and production stocks PDC Energy, Inc. (PDCE), Magnolia Oil & Gas Corporation (MGY), and Oasis Petroleum Inc. (OAS) are expected to benefit from the surging oil prices and the bullish industry trends. We believe these stocks may be worth investing in now.

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