One the hottest topics of debate on Wall Street in recent months has been calling the bottom in the oil and gas space. According to a new report released Thursday by Morgan Stanley Research analyst, Ole Slorer, the tide is finally starting to turn for global oil services stocks.

Retest

The PHLX Oil Service Sector OSX 1.11% index recently experienced a retest of its previous March lows. Slorer explained that this type of retest has been a common occurrence during previous oil downturns and is often driven by sentiment and/or market volatility.

Given the recent price dip, Morgan Stanley now sees a very favorable risk/reward balance for investors, and Slorer sees up to 60 percent upside in the space over the next 6–9 months with only about 10 percent downside risk.

Higher Oil Prices On The Way

Morgan Stanley believes…

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