Oil Escapes Worst of Selloff

Another industry watcher sees the current pullback in the energy complex as an opportunity to profit.

"Longer term, my view remains that more oil is demanded than is available in the world," says John Bollinger, president of Manhattan Beach, Calif.-based Bollinger Capital. "Any time we see weakness in energy stocks then that creates attractive opportunities to acquire energy assets."

He prefers oil services and support stocks rather than those of the producers, but he wouldn't name any of his favorites.

Well-known companies in the services space include Halliburton(HAL Quote) and Schlumberger(SLB Quote). Both stocks were declining less than 1%.

Elsewhere, J.P. Morgan downgraded shares of Brigham Exploration(BEXP Quote) to underweight from overweight. The shares were off 2%.

As for the major oil stocks, shares of Chevron(CVX Quote) were down 1.2%, and ConocoPhillips(COP Quote) was off 2.6%. Exxon Mobil (XOM Quote) was down 0.8%.