PSX - Crude Oil Is Surging Higher: 1 Oil Stock Worth Buying Now
2020 was a brutal year for the oil industry. Oil prices started falling before the coronavirus pandemic last spring, when OPEC giant Saudi Arabia and OPEC Plus member Russia engaged in a market-share battle, while the global travel lockdowns starting in mid-March resulted in the sharpest, most protracted collapse in global oil demand in history.
Fast-forward to today, and the picture is significantly different. While we are not out of the woods just yet, global transportation has recovered significantly over the past year, while oil output hasn't recovered quite as quickly. Moreover, the factors behind crude oil's bull run are likely to continue to support, if not higher prices from here, then certainly continued strong demand.
That's great for Phillips 66 (NYSE: PSX) , which makes money operating the infrastructure connecting the oil and gas industry together, and refining oil into the products that move the world. And looking even further into the future, management is taking actions to keep the company relevant in the transition to renewable fuels.
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Crude Oil Is Surging Higher: 1 Oil Stock Worth Buying Now