But there are some oil stocks that could be bought for a short-term purchase or for the purpose of hedging and which look relatively cheap.

Toronto, ON -- (SBWire) -- 02/29/2012 --The 2012 market outlook for Platinum Account Group on oil and gas sector are extremely positive, from the expected rush in the worldwide economy, expansion in consumer base, and most importantly increase in oil prices. Because of this, investors are buying oil stocks at the current market levels. Not all stocks within the oil and gas sector can be bought from long term aspect, but there are some oil stocks that could be bought for a short-term purchase or for the purpose of hedging and which look relatively cheap. Such stocks are the following:

Chesapeake Energy Corporation (CHK) is the second leading natural gas producer in the U.S. and it is engaged in different oilfield services distinctive in its vertically integrated model. The current market price is $22.31, trading within its 52 week range of $22 to $35.95.

El Paso Corporation (EP) seems very lucrative for someone who wants to enter oil and gas sector on a short to medium term range with its current market value of $27.02. The company is trading below 1.36% of its 52-week highs having market capitalization of $20.71 billion.

Cabot Oil and Gas Corporation (COG) based in North America is engaged in the exploitation and development of oil and gas. Its current market price as of February 2 is $32.58.

Whiting Petroleum Corporation (WLL) is an independent oil and gas company based in Denver, operating in the production, exploration, development and acquisition of oil and gas. The stock's current market price is valued at $49.50, trading within its 52 week range of $28.87 - $75.91.

Forest Oil Corporation (FST) is an independent oil and gas company currently trading at $13.08, within its 52 high and low range of $40.23 and $ 8.88 respectively.

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