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However, the baseline restrictions on oil production are expected to be lifted in May next year, as announced by OPEC+. Oanda senior market analyst Edward Moya said, “WTI crude’s fundamentals still support another massive move higher.”
Thus, oil prices are poised to make a strong rebound as demand rises in tandem with the economic recovery in developing regions. Thus, investors could capitalize on the dip in prominent oil stocks EOG Resources, Inc. (EOG), Energy Transfer LP (ET), Continental Resources, Inc. (CLR), and Apache Corporation (NASDAQ:APA), whose stock prices are expected to soar in the near term.
