EGY - 3 Stocks That Could Be Big Winners if Crude Rallies in 2020
Middle East tensions have increased volatility in the crude oil market recently, but investors might want to focus less on the past couple weeks' price action and more on the fact that Brent and West Texas Intermediate (WTI) crude oil prices have been on the rise since last summer, and crude oil prices are significantly above their 2018 lows. In fact, WTI is trading about 4% higher than it was in August and more than 30% higher than it was in late 2018.
It's anyone's guess where oil prices go from here, but if average oil prices wind up higher in 2020 than they were last year, owning beaten-down oil stocks with increasing production and improving balance sheets could pay off. A number of oil stocks meet that criteria, but three top names you ought to be considering are Denbury Resources (NYSE: DNR), VAALCO Energy (NYSE: EGY), and Hess Corporation (NYSE: HES).
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