“An OPEC cut is still hard to see but this week the notion of an OPEC ‘freeze’ was introduced and we find that easier to envisage,” Olivier Jakob of consultancy Petromatrix told the WSJ.

However, production cuts from the oil cartel are still speculation and may not come to pass. The ongoing supply glut has dragged down oil prices over the past two years and many warn that the market won’t turn around any time soon. U.S. oil inventories remain near their highest level in at least eight decades.

If the OPEC-related posturing does not pan out, inverse or bearish oil ETF bets could be back on the plate. For instance, investors who want to hedge against further weakness can use the simple inverse United States Short Oil (NYSEArca: DNO) and the DB Crude Oil Short ETN (NYSEArca: SZO). For the more aggressive trader, there are number of leveraged options, including the ProShares UltraShort Bloomberg Crude Oil (NYSEArca: SCO), which tries to reflect the two times inverse or -200% daily performance of WTI crude oil, and DB Crude Oil Double Short ETN (NYSEArca: DTO), which also follows a -200% performance of oil. Lastly, the VelocityShares 3x Inverse Crude (NYSEArca: DWTI) takes the three times inverse or -300% performance of crude oil.

United States Oil Fund

Max Chen contributed to this article.