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Over the last month, shares of iPath's S&P Crude Oil Total Return Index (OIL) have fallen by more than 13% - 3% of which came after today's release of the EIA figures. In this article, I will dig into the fundamentals and technical factors influencing crude oil and give a recommendation for short trading the OIL ETN.
The Instrument
When you trade an ETN or an ETF, you really need to look under the hood to understand how it works. OIL is an ETN which tracks the S&P GSCI Crude Oil Index.