OPEC's Surprise Move Spurred a Gigantic Inflow Into an Oil Stock ETF
More than double the previous record.
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Amid an OPEC deal that spurred a furious rally in oil prices on Thursday, investors flooded into an exchange traded fund that offered them exposure to U.S.-listed production and exploration firms.
Front-month West Texas Intermediate futures contracts soared 13 percent since Tuesday as member nations of OPEC agreed to their first production cut in eight years, with Russia also pledging to reduce output.