NEW YORK ( TheStreet ) -- Rising commodity prices have been the talk of the Street for weeks, leading investors to seek out new and promising ways to gain access to wheat, coal, copper and other hard assets.
Energy, in particular, has gained a great deal of investor interest as improving economic conditions around the globe help lift crude prices back toward the $100 level. This week, looking ahead to the new year, the International Energy Agency offered a promising outlook for energy, revising its 2011 global oil demand forecasts higher. Targeting oil and other facets of the energy sector has become a simple endeavor, thanks to the advent of exchange-traded funds. Using products such as the United States Oil Fund ( USO), or the iShares Dow Jones U.S. Oil Equipment & Services Index Fund ( IEZ), investors can directly capture the price action of this fuel source through futures contracts, or take an indirect approach to the industry and play the effect of rising prices on producers. A third and less obvious way investors can track the energy industry is through the use of a number of international-focused ETFs. Across the globe, a number of prominent emerging and developed players boast ample exposure to the energy market. Reflecting this, ETFs designed to track their respective economies are often heavily dedicated to this industry. Among popular emerging market ETFs, the iShares MSCI Brazil Index Fund ( EWZ) and the Market Vectors Russia ETF ( RSX) stand out as two attractive energy proxies. Both EWZ and RSX are headlined by massive energy enterprises. Within EWZ, the large, state owned energy giant, Petroleo Brasileiro ( PBR), accounts for approximately a fifth of the index, making it the fund's largest position. Meanwhile, a trio of energy goliaths dominates RSX's top five positions. Collectively, Lukoil (LUKOY), Gazprom (OGZPY), and Rosneft represent a 23% slice of the fund's index. RSX's oil exposure goes beyond these three names, however. In total, companies involved in the production of oil, gas, and other components of the energy spectrum represent close to 40% of the fund's total portfolio. The developed world boasts a number of energy-dominant players as well. Two ETFs that internationally-minded energy bulls should keep on their radars in the coming months are the Global X FTSE Norway 30 ETF ( NORW) and the Guggenheim Canadian Energy Income ETF ( ENY).