Oil prices have been moving steadily higher in recent months. Thanks to OPEC’s support, the U.S. oil benchmark, WTI, recently topped $57 a barrel, its highest level since last January. Meanwhile, crude could have more room to run given that demand is just starting to rebound and U.S. producers are preaching restraint.
Oil producers are starting to cash in after spending much of the past year reducing costs. One of the best-positioned oil stocks for the current environment is Devon Energy (NYSE: DVN), making it a top buy right now.