Related: 32 Best ETFs to Track Crude Oil
“In North America traders also remained focused on the return or non-return of U.S. production with the recovery of Canadian output now priced into the market. In the last week, data included a fall of 7 in the U.S. Baker Hughes rig count to 330 while production fell by more than 50k bpd to 8.62m bpd and is now 1m bpd lower than its 2015-high,” 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.
For more information on the oil market, visit our oil category.
United States Oil Fund
