Canadian Oil Cos. Jump On Oil's Rise, Goldman View

Shares of Canadian Natural Resources gained $1.86, or 4 percent, to $47.97.

Singer also rated Nexen Inc. "Neutral" due to uncertainty related to its performance at its Long Lake oil sands project and its ability to maintain or grow production in other areas. Most of the company's legacy asset base is mature, Singer said, which will likely result in declining production in the years ahead.

Still, rising oil prices will help its earnings per share, Singer said, raising the company's price target to $23 from an earlier target of $20.

Nexen shares rose 71 cents, or 3.7 percent, to $19.80.