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The extension of the OPEC+ deal is more positive for the oil market than it seems. And that is why this is a weighty reason for buying the iPath's S&P Crude Oil Total Return Index (OIL).
Instrument
The S&P GSCI® Crude Oil Total Return Index reflects the returns that are potentially available through an unleveraged investment in the West Texas Intermediate crude oil futures contract. In other words, the return on the index is directly proportional to the return on the value of the crude oil futures contract. Therefore, the