Hayes says that the resource area is looking attractive, in terms of being oversold and better valued.

Another reason to consider energy stocks is they have been one of the worst-performing this year, at least in emerging markets according to UBS strategist Geoff Dennis.

In a research note published Tuesday, he suggested using this recent underperformance to become overweight in the sector, based on rising oil prices, strong earning per share growth and cheap valuations.

“After being the best-performing EM sector in 2016 (up 32.5 percent versus up 8.5 percent for MSCI GEMs), Energy has fallen right to the bottom of the EM sector performance rankings this year, with a gain of only 4.9 percent, while MSCI GEMs is up 16.2 percent,” Dennis said.

“We would not lose faith in the EM Energy sector. We stay overweight and advise investors to selectively re-build positions in the sector.”

Dennis also named Petrobras and Thailand’s PTT E&P as stocks which were particularly attractive for playing the energy sector, as they were highly sensitive to changes in the price of oil.

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CNBC’s Sam Meredith contributed to this report.