The last two weeks have been quite positive for the oil market. The reason behind this euphoric condition is the jump in the oil price by almost 10 percent. Two weeks ago, the price had gone really down. From 48 USD, the price fell down to 44 USD. But, things have improved now, and for this reason, the oil investors are feeling quite optimistic. They are hoping that the uptrend will not discontinue in the days to come.
In this regard, many experts are coming up with the recommendations that now it is the time to invest on United States Oil ETF. There is no doubt that the reason behind the jump in the price of oil is a series of positive developments. One such reason is the fact that Russia and Saudi Arabia have decided to extend the oil production cuts, and they have made it until March 2018.
Apart from it, there are chances that other members of OPEC are also going to follow the same route very soon. Moreover, as per the IEA, the market of oil in the world has come down to a balanced state now. For this reason, it can be termed as positive news for the global oil market.
On the other hand, it is important that the oil investors should assess the entire possibilities of the oil market. Even though the OPEC members have cut down their production; but it is also true that the oil producers of the United States have pronouncedly enhanced their output.