CRAK “has the additional advantage of offering worldwide refining exposure, with just 37.88% of assets weighted in the United States as of Dec. 31, 2015. Japan, South Korea, India and Australia fill out the top five slots for a combined 64% weighting. Notably, it has no current exposure in the Middle East or Russia, two of the largest refining locations in the world,” according to Investopedia.

OPEC has exceeded its output target of 30 million barrels per day since June 2014 as the group pumps record amounts of crude in an attempt to squeeze out high-cost competitors, such as the upstart U.S. shale oil industry.

The output target could rise further after the U.S. lifted sanctions on Iran over its nuclear energy program, clearing the way for Iranian oil to hit the markets.

CRAK “topped out quickly at 20.25 and sold off to 17.34. A subsequent uptrend pushed above the initial trading range and posted a new high at 20.88 in November, giving way to a decline that’s dropped the fund back into last summer’s low. A breakdown through that level will signal a new downtrend that supports short sale positions—while a rally above 20 lasting more than a week or two will favor a new uptrend,” adds Investopedia.