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Energy stocks moved higher Thursday morning on the news that OPEC has agreed to extend its oil-production cap through the end of 2018, further restricting the supply of crude oil in a market environment that is seeing a steady increase in demand as economies around the globe show solid growth. This is great news for independent oil & gas firms, like ConocoPhillips (NYSE: COP), who will see their margins increase as the price of oil continues to climb.
COP broke above key resistance at $51 on the news Thursday morning, and we think this is just the beginning of the stock’s rise. We expect COP to continue climbing back up toward its recent highs around $54 during the next few weeks.
‘Buy to open’ the COP January (2018) 52.50 Call (COP180119C00052500) for a maximum price of $1.40.
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