The most traded U.S.-listed oil exchange-traded funds opened higher on Tuesday, tracking a small rise in oil futures as investors weigh Venezuela’s short-term supply and hedge exposure through the ETFs. United States Oil Fund (USO) was up by 0.56%, mirroring a 0.7% increase in front-month crude oil futures. United States Brent Oil Fund (BNO) gained 0.54%, Invesco DB Oil Fund (DBO) was up 0.65%, and ProShares Ultra Bloomberg Crude Oil (UCO) traded 0.5% higher. Meanwhile, WTI crude futures were up by 0.7% at $58.69 per barrel and Brent futures traded 0.7% higher at $62.16 a barrel.

Oil prices rose early on Tuesday, reversing earlier losses in Asian trade, as investors weigh uncertainties about a quick rebound of Venezuela’s oil production following the capture of Nicolas Maduro by U.S. forces. Immediate supply from Venezuela is down, as state oil firm PDVSA has been forced to cut oil production due to the U.S. oil embargo on the country and the naval blockade.

“The market is not pricing a fast supply comeback, and for good reason: rebuilding Venezuela’s oil sector would take years and tens of billions of dollars,” Saxo Bank’s Hansen said. The touted recovery of Venezuela’s oil industry will take years and potentially more than $100 billion of investments, analysts say. Ole Hansen, Head of Commodity Strategy at Saxo Bank, noted that Venezuelan supply losses are real and immediate, offering short-term support to crude prices despite a soft global balance.

Read more at Yahoo Finance: Oil ETFs Rise as Investors Hedge Crude Futures Exposure