Hitler’s strategy was to hold the Ukraine for food, and the area south of Stalingrad (i.e. Baku, etc.) for the oil, in order to both starve out the Soviet Union and fuel/feed his war machine. Holding Stalingrad would have given them a pretty good strategic point to defend against future attacks from while they rebuilt their forces. Stalingrad is also a front line far enough away from the oil and food that it would have been difficult (but not impossible) for the Soviet Union to do long range bombing of those areas.
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