Notable oil stocks that jumped today include ExxonMobil (NYSE: XOM), Occidental Petroleum (NYSE: OXY), and Devon Energy (NYSE: DVN). Despite a hot inflation report that's renewed fears of a recession, investors are betting on oil stocks on the dip on the back of certain industry developments. With fears of a recession looming large, crude oil prices have fallen significantly from their March peak when they hit highs not seen since 2008.