Oil's recovery may be short-lived, but some analysts believe now is the time to get back into energy stocks.
"Stop trying to pick the bottom in oil and recognize that today is actually an opportunity to create a position in oil," Gaurav Sodhi, resources analyst at research service Intelligent Investor, told CNBC.
"The impact of the oil price has been well and truly priced into every major oil producer around the world. Oil service companies have been hammered," Sodhi said. "Equity valuations already infer current oil prices. There's a small chance prices may fall further but I'd say that there's a very good chance that in five years' time we're going to see prices at $80 or higher."
Brent oil prices have managed to rally over $61 a barrel, the highest since December, off the lows under $49 touched last month, but they remain sharply down from their level over $115 a barrel in mid-June of last year.
Even though he's positive on oil stocks, Sodhi isn't necessarily positive on oil in the near-term. "There's been an awful lot of oil in storage and at some point this is going to have to be unwound. So we could be awhile from the bottom. That doesn't scare me at all," he said.