If these whipsawing oil markets are making you dizzy, you're far from alone. But this isn't the time for worry — it's time to tap oil's woes for 7%+ dividends and upside, asserts closed-end fund specialist Michael Foster, editor of CEF Insider.

Adams Natural Resources Fund (PEO), one of the oldest closed-end funds (CEF) out there. Founded in 1929, this fund has survived a lot of turbulence thanks to its managers' prudent value-investing approach.

PEO's dividend is relatively small as CEFs go, at 6.6%, but the best part is that the recent oil selloff has resulted in the fund's market price trading at a ridiculous discount to the value of its holdings (referred to as net asset value, or NAV):

chart 1

This is the lowest PEO has been priced since early 2016, and if you'd bought then, you'd have gotten a total return of 20.3% in less than 3 years, regardless of oil's fluctuations.

A more daring option would be the First Trust Energy Infrastructure Fund (FIF), with a similar huge slide in its discount to NAV:

chart 2

On top of the 8.8% yield this fund pays out, you get the opportunity to cash in on a likely 30%+ total return, just like the one investors got the last time the discount was this wide, in early 2016.

The third option is the big one: a 10.4% yield with the Cushing Renaissance Fund (SZC), which now trades at a 12.6% discount, near where it was in early 2016, as well:

chart 3

SZC's return since the last time its discount was this low, in early 2016: a nice 62.5%. That makes now a good time to buy, before history repeats.

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