Oil prices experienced volatile trading on Wednesday, with prices hovering around $70 a barrel.
Despite a drop in the dollar earlier in the day, the market was challenged by an inventory build that occurred on Tuesday.
Jeff Curry, from Goldman Sachs, believes that the financial contagion has not impacted the physical market and that the supply-demand balance remains the same.
As a result, he is more optimistic about the price direction.
Energy stocks, including Pioneer Natural Resources and Marathon Oil, were downgraded to buy from Citi.
Citi suggests focusing on companies with catalysts, such as productivity for Pioneer and international gas exposure for Marathon Oil.
Solar stocks, however, headed in the opposite direction, rising after experiencing their worst week of the year.
