Fundamentals are improving in the energy market. For example, U.S., India and other major consumers are seeing increased demand, the Wall Street Journal reports. On the supply side, U.S. shale production has fallen off in response to the collapsed prices, and producers like Nigeria and Canada have experienced disruptions.
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OPEC has kept up production to pressure high-cost rivals, such as the developing U.S. shale oil producers. The International Energy Agency expects it will take several years before OPEC can effectively price out high-cost producers.
“Canadian crude oil is a natural complement to our suite of oil funds, which include the U.S. benchmark (WTI) and the global benchmark (Brent).” USCF offers access to WTI via the United States Oil Fund (USO) and Brent via the United States Brent Oil Fund (BNO),” said John Love, President and CEO of USCF, in the statement.
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