Goldman Sachs Group recently warned in a note that China, the world’s second-largest oil consumer and a major driver for global growth, will be trying to ward of another yuan devaluation as investors turn to the USD or Japanese yen and other safe-haven assets, according to the Wall Street Journal.
Related: A Very Bullish Call for Oil ETFs
“Oil producers in the shale patch are aware that they are walking a very fine line. Yet, they don’t really have a lot of options. Talk about rising drilling efficiency and official data that supports it doesn’t pay down debt, and this is what shale boomers have in abundance,” adds OilPrice.com.
Traders looking to profit from falling oil prices have plenty of ETF 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.
United States Oil Fund
