UBS Picks ‘Big Oil’ Stocks Over Crude as Prices Seen Back at $40

“Big oil is what I own now because they’re less sensitive to movement in price and they’re going to pay me a dividend,” said Wayne Gordon, executive director for commodities and foreign exchange at the bank’s wealth management unit. Companies including BP Plc and ConocoPhillips have cut spending and repaired their balance sheets, making them more attractive over crude, which is expected to retreat to $40 a barrel in the short term, he said.