7 Oil Stocks to Buy Closely Tied to Crude Prices | Investing

The energy sector lags the S&P 500 in 2023, and the International Energy Agency expects weak global oil demand in 2024. Oil and gas prices have declined recently, but WTI crude remains up more than 64% overall over the past three years.

Stocks that are highly correlated to oil prices still generate huge free cash flows. However, high correlation with crude oil can be a double-edged sword, as many energy investors experienced when crude oil prices collapsed in 2020. Here are seven Morgan Stanley overweight stocks that have historically had high correlation with WTI crude oil prices:

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