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On Tuesday, December 20, oil prices rebounded after a decline in the previous session. Brent crude rose 3.4%, to $73.98 per barrel, while the West Texas Intermediate (WTI) gained 3.7%, to settle at $71.12 per barrel. In addition, analysts at investment bank Goldman Sachs Group (NYSE:GS), expect oil prices to hit $100 per barrel in 2023 as growth in demand outperforms supply.
We think the upbeat market sentiment could also benefit comparatively lesser-known oil and gas stocks of San Juan Basin Royalty Trust (SJT), VOC Energy Trust (VOC), PHX Minerals Inc. (PHX), and Barnwell Industries, Inc. (BRN), given their growth potential. These stocks are currently trading at less than $10.
