Feeling pain at the pump? Owning these stocks might ease that strain
The fact that a barrel of crude oil traded below US$0 in early 2020 is now a distant memory. Brent crude and West Texas Intermediate are both comfortably above US$100.
Demand for crude oil is rebounding as the global economy recovers — people are travelling and commuting again. Meanwhile, production has failed to meet that demand because producers have underinvested for nearly a decade. On top of that, sanctions on Russia have cut supply from one of the world’s largest energy exporters. Earlier this year, Goldman Sachs even called for oil prices to continue rising above US$100 in 2023.
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