COM - Oil hits a three-week low providing a potential opportunity for oil ETF bulls

Oil and gas ETFs that track the price of crude may find themselves in focus as oil (CL1:COM) retraced to a three-week trading low, touching $95.73 a barrel earlier Wednesday afternoon.  The downward move may bring an opportunity for short-term swing traders that remain bullish on the commodity as supply constraints, global war, and inflation are still ever-relevant even though prices have subsided a bit. The United States Oil ETF (NYSEARCA:USO) and United States 12 Month Oil Fund (NYSEARCA:USL) are two pure-play oil funds that provide investors access to the energy market through managed futures contracts. Furthermore, investors that are bullish on the outlook of oil are not alone, Jeff Currie, global head of commodities at Goldman Sachs provided his viewpoint in a Bloomberg interview. When asked if there is a supply chain issue with oil, Currie stated: “Absolutely, yes. And this goes back to 2014. Overall capex is down 35%. Yet

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Oil hits a three-week low, providing a potential opportunity for oil ETF bulls