Oil is rebounding in October after sliding for most of the year. West Texas Intermediate crude has surged 10 percent, while Brent crude has climbed 9 percent this month.
Hugh Johnson Advisors Chairman and CIO Hugh Johnson tells CNBC's "Power Lunch" on Friday now is the time to buy big oil companies.
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"Although U.S. production will increase substantially through 2020 (with temporary shutdowns driven by low prices), overall global demand (consumption) will continue to increase at a rate that remains modestly above the rate of increase of global production. More specifically, we anticipate that consumption will expand at a 1.24 percent rate through 2020 and production will expand at a 1.04 percent rate," Johnson said.
Under these conditions, Johnson believes oil prices will gradually increase over the next five years.
"We currently expect the price of oil (WTI) will average $53, $60, $66, $72, $76, $80 in 2015 through 2020. This outcome implies that investing in integrated oil and gas companies (ExxonMobil), oil and gas equipment & services companies (Baker Hughes) and oil and gas exploration companies (ConocoPhillips) will be rewarding," Johnson said.