Other oil-focused ETFs have fared well on the drama, with United States Brent Oil Fund (NYSEArca: BNO) up 4.5% this week, and 14% over the second half of 2013. PowerShares DB Oil Fund (NYSEArca: DBO) is up 1.4% this week, and 8.7% over June and July. [Deflation Pulse: Crude Oil ETFs Are Weakening]

Oil prices have already fared well coming off the Summer driving season, as low inventories were a concern. Other fundamentals supporting the run-up in oil prices include solid economic data reports from around the globe, and upbeat Fed comments. ETFs are a less volatile play on energy and have been outperforming the single companies sluggish growth and returns.

United States Oil

Tisha Guerrero contributed to this article.