This post was originally published on this site
Oil prices fell sharply following OPEC and its allies’ agreement on July 18 to increase production by 400,000 barrels each month beginning in August. Rising COVID-19 cases due to the spread of the hyper-contagious Delta variant also contributed to the decline in oil prices. However, the slump in oil prices should be considered a buying opportunity, according to Andy Lipow, the president of Lipow Oil Associates. The world is still largely dependent on plentiful supplies of fuel, such as oil and gas. So, both EGY and CEI could benefit from the steady demand.
EGY has gained 33.3% year-to-date, while CEI lost 48.2%. Also, EGY’s 105.2% gain over the past year is significantly higher than CEI’s 47.5% loss. Furthermore, in terms of their past nine months’ performance, EGY is the clear winner with 144.4% gains versus CEI’s 41.4% loss.
