Marathon Oil (MRO), Exxon Mobil (XOM), ConocoPhillips (COP) and Diamondback Energy (FANG) hit buy points Tuesday, at least intraday. Cactus (WHD) tumbled back below a buy point. Several other top oil stocks are nearing breakouts as crude oil continues to rise on supply concerns.


Brent oil rose 1% to $78.86 a barrel and U.S. crude closed up 0.4% to $74.11, both near multiyear highs but off their best levels of the day. Global supply issues have pushed oil futures to multiyear highs in recent weeks. A Norwegian oilfield closed after hundreds of workers went on strike, and Libya’s production continued to fall as key oil ports remained closed. Supply out of Iran remains a major geopolitical concern as the U.S. has pushed allies to cut Iranian oil imports after leaving the Iran nuclear deal.

Top Oil Stocks Hit Buy Points, Briefly

Marathon Oil stock, which was added to IBD Leaderboard Tuesday, rose as high as 22.74, above its 22.22 base-on-base buy point. Shares reversed to trade lower before moving to 21.98, up 0.3%.

Unlike many of its peers, Marathon Oil stock didn’t fall much when crude prices retreated from late May to mid-June. The stock broke out of a cup-with-handle base on May 3 and has been accelerating since as oil prices rose.

The recent IBD Stock Of The Day is the top ranked stock in IBD’s Oil & Gas-Integrated group.

The Dow Jones got a boost from Exxon Mobil and Chevron (CVX). Exxon climbed 0.9% to 83.66 after hitting 84.12 intraday, briefly clearing a cup-with-handle base with an 83.89 entry point on the stock market today. Chevron advanced 1.25% to 127.56, working toward a 131.18 entry.

ConocoPhillips stock rose 1% to 71.74. Shares climbed as high as 72, briefly topping a 71.81 buy point from a six-week flat base.

Diamondback Energy ran up to 138.25 early, just above a 138.24 buy point in a V-shaped cup base. But shares reversed to trade down 2%, at 133.96.

Cactus stock broke out from a 35.28 cup-with-handle base on Monday, but then announced a follow-on offering after the close. Shares tumbled to 32.61 Tuesday morning, rebounded to as high as 36.48 before skidding 5.3% to 33.71, under the entry point.

Oil Stocks Near Buy Points

EOG Resources (EOG) edged up 0.7% to 126.97. EOG stock is building a base on base with a 128.13 buy point.

Parsley Energy (PE) climbed 1.3% to 32.87. Parsley Energy stock is forming a cup base with a 33.53 buy point.

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