In the last 12 months, crude oil had a breakout above $85 in two instances. However, on both occasions, black gold has pulled back below $80 per barrel. The weakness in crude is not surprising, with tight monetary policies translating into sluggish GDP growth globally. This weakness in oil seems like a good opportunity to consider undervalued oil & gas stocks to buy. In my view, oil will likely trade above $90 per barrel in the next 12 to 18 months. It’s worth noting that central banks globally
Oil prices dropped this week and that's hurting oil stocks.
Transocean's (RIG) contract extensions for its semisubmersible rigs reinforce its confidence in the high-specification harsh environment market's positive outlook.