Concerns over Chinese oil demand also pressured prices. China revealed that its service activity expanded at a slower-than-expected pace, which has fueled pessimism over a potential slowdown in the second largest oil-consuming country in the world. [China ETFs Suffer New Year Hangover ]

Additionally, the international outrage over Saudi Arabia’s execution of a Shi’ite cleric ended speculation that Organization of Petroleum Exporting Countries could come together on a production cut, reports Simon Falush for Reuters. [Oil ETF Bears Continue Aggressive Forecasts ]

To DBC’s credit, the ETF has soared 3.5% over the past month even with its exposure to oil.

PowerShares DB Commodity Index Tracking Fund

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