Oil prices have fallen from their March highs as demand concerns amid a possible economic downturn have been a drag. As per Reuters, Goldman Sachs lowered its 2023 oil price forecast by $19 per barrel (on average) for the period from Q4 2022 to Q4 2023, reflecting expectations of lower demand and a strong U.S. dollar. That said, the investment bank continues to have a bullish long-term outlook supported by global supply issues amid the ongoing Russia-Ukraine crisis. Bearing in mind a volatile market backdrop, we will discuss three oil stocks – EOG Resources (NYSE:EOG), Occidental Petroleum (NYSE:OXY), and Exxon Mobil (NYSE:XOM).
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