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Buy energy stocks as oil to hit $69 in '17: BofA

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Bank of America Merrill Lynch told clients to buy energy stocks on the prospect of oil rising above $50 before the end of the year and then reaching almost $70 in 2017.

"Our commodity strategists forecast a significant rally in oil prices, which is bullish for energy stocks," equity and quant strategist Savita Subramanian wrote in a note Tuesday.

"Given this outlook, we expect the energy sector to outperform the S&P 500 and move the sector to overweight from market weight."