Fund managers and other investors are getting more bullish on the energy sector. BofA said in an Aug. 15 that peak interest rates have "marked a macro shift back into commodities." And hedge fund manager David Neuhauser of Livermore Partners told CNBC's " Street Signs Asia " that the "best asset class" is oil stocks. Typically, in a recession, oil prices could dive to $50 a barrel, he said.
energy giant will benefit from higher prices. It also raised its price target for the stock from $205 to $209. That represents around 31% from Wednesday's close. Inflation protection On top of the "macro shift" to commodities, "micro energy sector fundamentals have improved too, with supply dynamics triggering a rally in energy prices from crude oil to refined products," BofA said in the Aug. 15 note.
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