Investors Pull Cash From Oil Despite OPEC+ Cuts as Demand Fears Linger
- WisdomTree Brent Crude Oil ETP has biggest outflow since 2019
- Cartel’s move may have reinforced worry over outlook, ING says
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One oil exchange-traded fund saw its largest one-day outflow in more than three years, a possible sign that some investors remain concerned about the outlook after OPEC+ delivered an unexpected supply cut.
WisdomTree’s Brent Crude Oil ETP — ticker BRNT — had an outflow of $55.7 million on Thursday, the largest one-day fall since late 2019. Another fund, the ProShares Ultra Bloomberg Crude Oil ETF — ticker UCO — saw outflows of $158.5 million last week. That’s its biggest weekly drop since March 2022.