However, John Kilduff, founding partner at energy hedge fund Again Capital, cited that OPEC’s official statement lacked a definitive production target, causing crude futures to rise.
“They definitely came up short, relative to expectations,” said Kilduff. “A headline touting … 1 million barrels of additional output would have made a difference.”
The biggest oil ETF based on total assets, United States Oil (NYSEArca: USO) was up 3.34%.
For more trends affecting oil ETFs, click here.