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With oil prices closing in on $60 and heading to $70 or more, owning oil stocks is a must for any investor looking to generate maximum returns.

Crude traders are betting that a stronger economy will result in increased demand for oil. Higher demand means higher prices.

At the same time, OPEC is holding firm on production cuts that reduces supply. Less supply means higher oil prices.

And let's not forget the forthcoming summer driving season. With consumers feeling frisky and maybe a bit stir crazy, the open road is calling. In fact, I'm already seeing higher gasoline prices at my local station, in anticipation of more demand.

All of these factors mean investors can confidently operate under the assumption that oil prices will go up in the foreseeable future. Here's how you can benefit. The following are five oil stocks that I rate B or Buy: