Oil stocks have fallen behind this year, but our senior investment analyst & market strategist, Craig Golden, is hopeful these will be on the rise going into the second half of 2024. He suggests that OPEC’s commitment to reducing oil supply and maintaining prices will be beneficial and he anticipates that US companies will ramp up their production, leading to higher revenues.
“Recent earnings weakness is due to higher capital expenditure costs in the short term… There are opportunities in the exploration & production industry as recent capital expenditures begin generating revenue,”