Rising Oil Prices Make BofA Bullish on These Stocks

Rising Oil Prices Make BofA Bullish on These Stocks

It has been a great 2022 for energy stocks, with the S&P 500 Energy Index soaring 63% this year so far amid rising oil prices.

Analysts at the Bank of America see oil rise a little further, with the European (Brent) oil price reaching $100 next year, up from $95 recently.

Oil Producing Titans Exxon Mobil (XOM) and Chevron (CVX) will mainly benefit, the analysts wrote in a commentary.

“After a good quarter for both XOM and CVX, we see both anchoring lower risk exposure in an evolving macro backdrop,” they said.

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