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StockNews.com
StockNews.com
Business
Nidhi Agarwal

3 Undervalued Oil Stocks to Close out 2024 With Momentum

WFRD Oil Momentum OBE ET Energy Transfer Natural Gas ADNOC Energy Transfer LP Obsidian Energy Ltd

Globally, the oil and gas industry is holding strong, distributing nearly $213 billion in dividends and $136 billion in buybacks between January 2024 and mid-November 2024. Therefore, fundamentally strong oil stocks, Obsidian Energy Ltd. (OBE), Weatherford International plc (WFRD), and Energy Transfer LP (ET), might be worthy of capitalizing by the end of the year.

Due to sluggish global oil demand, especially from China, and rising production outside the alliance, OPEC+ has postponed the increase in oil output until April. Despite the group's supply cuts, global oil benchmark Brent crude has mostly stayed in a $70 to $80 per barrel range this year.

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