3 Big Oil Stocks to Consider Buying Now
The oil industry endured a brutal year in 2016, when crude plunged into the $20s. However, 2017 has been much better thanks to some help from OPEC, which along with several non-member nations cut production to drain off some of the market's excess supply. Those actions helped prop up oil prices, which are up about 10% on average this year to around $60 a barrel.
That rebounding price should have driven oil stocks higher. However, that hasn't proven to be the case in every instance, as several barely budged while others surprisingly declined in value this year, including big oil stocks Chevron (NYSE: CVX), Occidental Petroleum (NYSE: OXY), and ExxonMobil (NYSE: XOM). Investors might want to consider taking advantage of the opportunity to buy these top-tier oil stocks after their lackluster showing this year, since all are in the position where they can excel even if crude prices fall back a bit.
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Source: Fool.com