An array of single-country exchange traded funds tracking both developed and emerging markets are benefiting from rising oil prices. Investors should remember that the Global X MSCI Norway 30 ETF (NYSEArca: NORW) and the iShares MSCI Norway Capped ETF (BATS: ENOR) are among that cadre of funds.

Some oil traders believe 2017 will be fertile ground for an oil rally. While production has declined in the U.S., recently rebounding oil prices are encouraging exploration and production companies to revisit spending plans with some increasing capital expenditures. That has some oil market observers concerned about a rising rig count and the subsequent impact on crude prices.

NORW is up 3.6% to start 2017 and has surged nearly 34% over the past year. The Global X ETF allocates almost 28% of its weight to energy stocks, including a nearly 18% allocation to Statoil (NYSE: STO), Norway’s state-run oil company.

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