Which ever side you’re on, investors can go long/short oil with the Energy Select Sector SPDR (XLE) and Oil Services HOLDRs (OIH) exchange-traded funds.

The bullish side: Commodity cycles are prone to severe market corrections. Investors should realize that the surging global demand & the geopolitical tensions are here to stay. Moreover, you can be sure there will be winter storms/hurricanes, which disrupt electricity grids, oil and gas production & agriculture too.

The bearish side: "The world has only consumed about 18% of its conventional potential," Abdallah S. Jummah, president and CEO of state-owned Saudi Arabian Oil Co., Aramco for short, told an audience of oil ministers and petroleum executives at the OPEC conference in Vienna.

Jummah estimates that the world’s potential oil reserves are 4.5 trillion barrels. That’s enough to power the world for another 140 years, give or take, at current consumption rates.

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Yaser Anwar is a guest author at ETFtrends & the editor of Investment Ideas by Yaser Anwar blog. The author of this article is not a registered financial advisor & does not give investment advice. This article does not comprise any solicitation to buy or sell securities, ETFs or other investment vehicles.