Monee: Believe it or not responding to your post @ 4:15 is not everyone's priority. A pure OIL ETF is being developed, according to various news sources. The problem is storage and delivery of a commodity. Right now the closest you are going to get is IGE which is 75% OIL/OIL Services. XLE is also an oil play, however mostly OIL companies.
Ebo I did see from morningstars site an Oil ETF is in the works to track the price of Brent crude. Light crude oil e-mini was @ HOD @ 16:00 the others XLE and IGE were not. Thanks for the response guess I'm just impatient today.
A Brent ETF started trading last month on the LSE: http://www.londonstockexchange.com/...esources/Welcome+Stories/2005/280705brent.htm And a couple more are in the works: http://www.phlx.com/news/pr2005/05pr062205.htm http://www.investmentadvisor.com/issues/mutual_fund_center/mutual_fund_center/5155-1.html
CADJPY is a good proxy to the price of oil. I currently have a CADUSD and CADJPY play. The correlation to oil is pretty much bang on IMHO.