Plenty of skeptics remain regarding oil’s fundamental outlook. There might be something to that skepticism as many of the world’s major ex-U.S. producers of oil have not displayed a willingness to pare production. Even the output reductions in the U.S. have been modest. The good news is U.S. shale output is slightly declining, but challenges remain on the output front from OPEC producers.

Related: 32 Best ETFs to Track Crude Oil

“While the weekly has price still holding above the short term rising trend line, the monthly chart shows the XLE still within a two year declining channel despite the recent rally. In other words, the XLE still has not come out of the bear markets it’s been in since the price of oil hit its highs in March 2014. The monthly chart of XLE gives some perspective on just how precipitous the decline of oil prices off the 2014 highs has been. On a longer term timeframe, therefore, the XLE still has much work to do in order to break out of the said declining channel and back above the rising 13 year trend line,” adds See It Market.

Other ETFs with exploration and production exposure include the PowerShares Dynamic Energy Exploration & Production Portfolio (NYSEArca: PXE) and the Guggenheim S&P Equal Weight Energy ETF (NYSEArca: RYE).

For more information on the Mexico ETF market, visit our Energy category.

SPDR S&P Oil & Gas Exploration & Production ETF