Oil stocks are riding high so far in 2017. After spending much of 2016 in the proverbial toilet, the tail end of the year was met with better times. The reason? Some big-time production cuts.
Oil cartel OPEC, as well as other major non-OPEC member nations, agreed to cut production by almost 1.8 million barrels per day during the first half of 2017.
Those cuts to oil output were designed to reduce the global glut of crude oil and ultimately boost prices. And so far, they seem to be working. Since the end of 2016, oil prices have steadily risen and now sit at nearly $54 per barrel. A mark that hasn’t been reached in roughly a year.
For the various oil stocks, this has been great news. After all, when your profits are directly tied to the price of the commodity, the higher the natural resources selling price, the higher your profits go. And with oil now above $50 per barrel, the oil stocks should see their profits finally start to rise meaningfully.
And that makes them big-time buys for the new year.
But which ones should you buy? Here are ten of the best oil stocks to buy today.