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Furthermore, financial services firm Wells Fargo & Company (NYSE:WFC), after studying 15 major asset classes, deduced that inflation is bullish for oil, with the potential for a 41% jump in its price. Oil prices increased on December 8 as fears of the omicron variant receded, with Brent Crude futures settling at $75.82 per barrel and West Texas Intermediate crude at $72.36 a barrel.
In addition, investment bank JPMorgan Chase & Co. (NYSE:JPM) strategists expect oil prices to reach $125 per barrel in 2022 due to OPEC’s limited production increase. Therefore, we think the stocks of ConocoPhillips (COP), EOG Resources, Inc. (EOG), and Suncor Energy Inc. (NYSE:SU) might be ideal bets to cash in on industry tailwinds.
