Related: Oil ETFs Lift on New Supply Data Report

While the Organization of Petroleum Exporting Countries have moved to cut production, expectations of continued U.S. shale production remain a deterring factor. Nevertheless, recent U.S. inventory drawdowns, which if sustained, could support the current price levels.

“Per data from Schaeffer’s Senior Quantitative Analyst Rocky White, OIH has ended Fed Week higher just 29% of the time since 2015 — the lowest win rate of all — averaging a loss of 0.2%. Since finding support in the $22 region in mid-August, however, the ETF has been battling back — closing Wednesday up 1.5% at $25.19. Plus, the shares are now on pace to to end north of their 10- and 20-week moving averages for the first time since January, when the fund was flirting with annual highs. Should OIH finish this week higher, it would buck its trend of poor Fed-Week performances,” according to Schaeffer’s.

Year-to-date, investors have added almost $354 million to OIH.

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