2023-03-21 08:44:00 ET
Oil prices cooled off considerably in recent months. WTI, the primary U.S. oil price benchmark, recently fell below $70 a barrel. That's a far cry from last year when crude prices spiked into the triple digits following Russia's invasion of Ukraine.
The primary factor weighing on oil prices is concerns we could be barreling toward a recession. That would likely impact oil demand.
However, the International Energy Agency (IEA) doesn't expect demand to cool off this year. Instead, it sees the opposite, and that means oil prices could pick back up in the coming months, taking oil stocks with them. Three top energy stocks to buy on that thesis are Devon Energy (NYSE: DVN) , Pioneer Natural Resources (NYSE: PXD) , and Marathon Oil (NYSE: MRO) .
For further details see:
3 Top Energy Stocks to Buy Before the market Picks Up Again