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Charting Oil

Oil surged again Wednesday on weak fuel inventories and an even weaker dollar. How can you chart the course for black gold?

My thesis is that oil is stuck at $100, says Oppenheimer Chief Market Technician Carter Worth on CNBC's "Closing Bell". But I don’t think we’re running away on the upside.

How are you playing it?

I recommend staying away from refiners such as Sunoco (SUN), Valero (VLO) and Tesoro (TSO). Inventories are at 15-year highs and refiners are a margin story.

If you want to be in energy, I like Apache (APA) and Devon (DVN). These companies will search for oil, no matter what happens with the economy, he counsels.

The bottom line in oil?

Overweight E&P (exploration and production) names and underweight refiners, conlcudes Worth.



Symbol
Price
 
Change
%Change
DVN
---
SUN
---
TSO
---
VLO
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Overweight E&P (exploration and production) names and underweight refiners, conlcudes Worth.

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