It's Game Time For Oil ETFs

SEE MORE: OPEC Output Freeze Speculation Lift Oil, Energy ETFs

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.

“Of course, there is always the possibility that we were wrong in our expectations of seeing $35 oil before things got better. If prices break and close above the trendline, the bearish case can be thrown out the window. Nevertheless, it isn’t over yet,” according to TheStreet.

For more information on the crude oil market, visit our oil category.

United States Oil Fund