June 7, 2023

Higher Oil Prices To Be A Nice Boost For Energy Stocks In 2022

On CNBC’s “Options Action,” Tony Zhang said he was looking at higher oil prices, especially because “we have some pent-up demand.” This will likely be “a nice boost for energy stocks going into the second half” of 2022.

Looking at the chart for crude oil through 2021, it’s been a year of higher highs and higher lows, Zhang mentioned.

“This simply points to further upside,” he said.

Zang said oil prices could rise to $85 per barrel and “potentially higher,” which will be a tailwind for energy stocks. The chart for Energy Select Sector SPDR Fund (NYSE:XLE) shows a pullback due to the omicron variant, which “sets up for a nice breakout” going into 2022, he added.

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