2 Lesser-Known Energy Stocks to Buy as Oil Approaches $70 By StockNews – Investing.com

2 Lesser-Known Energy Stocks to Buy as Oil Approaches $70 By StockNews – Investing.com

© Reuters. 2 Lesser-Known Energy Stocks to Buy as Oil Approaches $70

On one hand, increasing mobility and rising demand from a reopening industrial sector is driving the demand for oil. On the other hand, the world's largest oil producing countries are continuing with supply cuts. We think the resulting increase in oil prices should help lesser-known oil energy companies Ovintiv (NYSE:) and Crescent Point (CPG) perform well in the coming months. So, it could be wise to bet on these stocks now. Read on for a closer look at these names.

The rising demand for oil with increasing mobility and a reopening of the industrial sector, coupled with continued supply cuts by the major oil producing countries, is driving a surge in oil prices. Goldman Sachs (NYSE:) expects to rise to $80 per barrel by the end of the year. This bodes well for oil companies. According to a Research and Markets report, the global oil and gas pipeline market is expected to grow at a CAGR of more than 6% between 2021-2026.

Investors' interest in the oil energy stocks is evident in SPDR S&P Oil & Gas Exploration & Production ETF's (XOP) 17.9% gains over the past month compared to