A long position on this ETF is a good play for the following reason:
Brazil, India, China, and Emerging mkt countries are industrializing. This means the demand for the lifeblood of their economies will be crude oil. Not only for its use in powering autos but the countless other uses of it from plastics, paints, etc. Yes, it's true Brazil does not need crude for its autos due to their resource of ethanol but they need crude for the other uses.