“With prices retracing all of the gains made since the OPEC deal was announced back in November, the cartel faces the prospect of losing market share without any meaningful effect on prices. And with inventories still breaking new records in the U.S., the supply picture looks pretty dismal as well,” reports OilPrice.com.
Active traders now have some new choices to profit from big moves in crude prices. ProShares rolled out the ProShares UltraPro 3x Crude Oil ETF (NYSEArca: OILU) and ProShares UltraPro 3x Short Crude Oil ETF (NYSEArca: OILD) debuted on Monday.
ProShares also offers 2x and -2x crude oil ETF plays. The ProShares Ultra Bloomberg Crude Oil (NYSEArca: UCO) takes two times or 200% daily performance of WTI crude oil and the ProShares UltraShort Bloomberg Crude Oil (NYSEArca: SCO) tries to reflect the two times inverse or -200% daily performance of WTI crude oil.
“Nothing concrete will be agreed to until they meet in April. At that meeting, a formal recommendation will be proposed on whether or not the cuts should be extended. Then, the agreement will be finalized at the May 25 meeting. Oil analysts are looking for clues on whether or not OPEC will succeed in keeping everyone on the same page for an extension,” according to OilPrice.com.
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