Oil is certainly here to stay. I think oil makes a good trade premise now given the dip from covid, the Biden-renewables narrative (mostly superficial), and the potential for increasing geopolitical tensions.
Re PE's, I don't really pay attention to them. I'm a 'market cycle' person. Additionally every trade and all markets are essentially a futures trades. All markets are forward looking, another reason I don't pay much attention to snapshot PE's.
The vaccine narrative, and the possible thanksgiving shorting-collusion by funds has sent precious metals lower. A superficial dip and prime entry. Bull trend well in tact and still young + macros. Gold's holding up ok, BTC was smashed 12% last night, probably on the same narrative or coordinated attack. Holiday collusion is well documented.
Miners who have exposure to copper is another great hedge.