Oil has been rebounding off its lows this year, climbing above $50 a barrel again.
But despite a 16 percent surge over the past three months, Hugh Johnson, chairman of Hugh Johnson Advisors, tells CNBC's "Power Lunch" on Monday, the rise in crude is not over.
"We are currently forecasting a recovery in the price of oil (West Texas Intermediate) to $71.30 (average Q2) and $68.89 (average Q4)," Johnson said.
He says buy U.S. energy stocks since they should post meaningful outperformance. "Forecasts of increased global production (primarily U.S.) and declining global demand (Russia, Europe, Asia) are somewhat overstated. Prices between $60 and $70 are statistically consistent with the levels of global demand/consumption and global production," Johnson said.
He recommends oil and gas equipment and services companies such as Halliburton, Baker Hughes and National Oilwell Varco.