Oil prices are starting to gush higher.
Last trading at $76.57, we believe oil could soon retest $80 to $85 a barrel.
All thanks to cold weather, supply concerns, and Russian sanctions. “The sanctions target Russian oil companies Gazprom Neft and Surgutneftegas and their subsidiaries, more than 180 tankers, and more than a dozen Russian energy officials and executives. The sanctioned executives include Gazprom Neft CEO Aleksandr Valeryevich Dyukov,” as noted by CNBC.
One way to potentially profit from further upside with oil prices is Exxon Mobil (XOM). Oversold at $106.28, we’d like to see Exxon Mobil race back to at least $116 – especially with a good deal of negativity now priced into the stock. Plus, while we wait for XOM to recover lost ground, we can collect its yield of 3.73%.
Ian Cooper
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