Consequently, in an attempt to stay competitive, Mexico’s discount to refineries and its reliance on oil revenue could also weigh on the iShares MSCI Mexico Capped ETF (NYSEArca: EWW). While EWW has no exposure to the energy sector, oil sales still accounts for over 25% of Mexico’s government revenue. [Oil’s Demise a Drain on Frontier Markets ETFs]
WTI crude was down 2.5% Monday to $53.4 per barrel. The United States Oil Fund (NYSEArca: USO), which tracks West Texas Intermediate crude oil futures, has plunged 40.9% over the past three months.
PowerShares Dynamic Energy Exploration & Production Portfolio
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