Analyst: 'Peak Oil' Not Until 2035, Demand 'Could Well Be Stronger' In Coming Years

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So far in 2016, the United States Oil Fund LP USO is down another 4.9 percent.

Bernstein sees North American E&P stocks as the biggest beneficiaries to rising oil prices in the next several years and names ConocoPhillips COP, EOG Resources Inc EOG and Devon Energy Corp DVN among its top Outperform-rated oil picks.

Disclosure: the author holds no position in the stocks mentioned.