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3 Top Energy Stocks to Buy Now

Stock MarketsSep 02, 2021 03:30PM ET
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© Reuters. 3 Top Energy Stocks to Buy Now

A surge in COVID 19 cases, brought on by the deadly delta variant, drove the energy sector out of favor. But a recent rebound in oil prices, driven by fewer cases in China and the U.S. dollar’s retreat, appears to be setting the stage for a rally, which is why investors should start adding stocks such as Apache (APA), Continental Resources (NYSE:CLR), and EOG Resources (NYSE:EOG) to their portfolio.Two weeks ago, oil prices were on the decline. This was driven by fears of a demand slowdown caused by the continued spread of the delta variant of Covid-19, which led to new lockdowns in countries such as Japan and New Zealand. Making matters worse was terrible economic data from China, the world's largest crude importer.

But after the worst losing streak since 2019, oil prices bounced back last week as selling looked overdone. Helping matters were fewer COVID cases in China, which in itself creates a better demand environment. But secondly, the U.S. Dollar retreated from its recent highs, providing a foundation for commodities in general.

This rebound led to a golden cross on oil's weekly chart. A golden cross occurs when an asset's short-term moving average crosses above its long-term moving average. This occurred as crude oil's 50-week moving average crossed above its 200-week moving average. The move indicates further upside, which is why investors should consider energy stocks such as Apache Corporation (NASDAQ:APA), Continental Resources, Inc. (CLR), and EOG Resources, Inc. (EOG).

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3 Top Energy Stocks to Buy Now
 

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