Still, some traders see oil’s recent pullback as a potential buying opportunity.

“We’ve obviously bounced 8 percent off these lows. Sentiment was extremely strong, people have been staring at the rig counts; I don’t think it’s a lagging indicator; ultimately we are in a place here, you heard the comments from OPEC — they actually think the market’s correcting itself,” said Tim Seymour, managing partner at Triogem Asset Management, in an interview with CNBC.

SEE MORE: ETF Ideas for Profiting from a Pullback in Oil Stocks

Elevated levels of production remain an issue for oil as well. 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.

For more information on the Oil ETFs, visit our Oil category.

United States Oil Fund