Keep an eye on oil stocks, like Occidental Petroleum (OXY).
With oil now up to $83.17, and gushing higher heading into the warmer months of the year, oil stocks could run even more. According to GasBuddy, oil prices are pushing higher as more Americans get ready for Spring Break and summer.
“Americans are getting out more: the [solar] eclipse is a week away, but spring break travel is also happening. All three of those — demand, refinery maintenance, and the transition to summer gasoline — is all boosting prices, and it probably will continue another couple weeks yet before we plateau,” they said, as quoted by Yahoo Finance.
In addition, new OPEC estimates suggest a production shortage, says Seeking Alpha, which could send oil prices well above $100 a barrel. “If the data provided by OPEC is accurate, subject to some reasonable adjustments, the outcome for the market could be prices that will exceed $100 per barrel later this year.”
