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3 Stocks to Buy Now as Oil Prices Continue to Climb

imageStock Markets24 minutes ago (Sep 27, 2021 05:30PM ET)

(C) 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. With a simultaneous, unprecedented rise in demand, oil prices have rallied to near three-year highs and are expected to increase further in the coming months. Given this backdrop, we think oil stocks PDC Energy (NASDAQ:PDCE), Magnolia Oil and Gas Corp (MGY), and Oasis Petroleum (NASDAQ:OAS) could be solid bets now. Let’s discuss.Recent hurricanes and rising COVID-19 cases have negatively impacted the oil & gas industry. However, the market remains bullish, as evidenced by the increase in oil prices for five straight days to near three-year highs today. Brent crude hit $79.52 per barrel.

Moreover, global oil demand is expected to hit its pre-pandemic levels by next year. Goldman Sachs (NYSE:GS) expects Brent crude oil prices to hit $90 per barrel by year’s end.

Oil and natural gas 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. Thus, we think these stocks could be worth betting on now.

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3 Stocks to Buy Now as Oil Prices Continue to Climb

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