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Oil prices are currently on track to post their biggest weekly gain since late August. Brent Crude and the West Texas Intermediate are both on the way to registering 7% growth this week. Brent Crude Futures rose 0.9% to reach $75.08 per barrel, while WTI posted a gain of 1% to $71.68 per barrel on Thursday, December 9.
The United States Energy Information Administration (EIA) has predicted that global consumption of petroleum and liquid fuels will increase by 3.5 million b/d to average 100.5 million b/d in 2022. Given this backdrop, we think fundamentally strong oil and gas stocks of ConocoPhillips (COP) and Suncor Energy Inc. (NYSE:SU) might be the ideal bets. These stocks have an overall B (Buy) rating in our proprietary POWR Rating system.
