Oil Posts Small Gain After Swinging Amid Thin Summer Trading
- US Oil Fund ETF sees $180 million of outflows, most since 2020
- WTI settles above $79 a barrel after alternating gains, losses
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Oil edged higher after struggling for direction throughout the session as traders weighed increased supplies and a shaky economic outlook.
West Texas Intermediate futures settled little changed near $79. With open interest hovering near January lows, prices saw exacerbated moves that largely tracked the path of equity markets. The US Oil Fund ETF reported its biggest daily outflow since 2020 on Wednesday, with more than $180 million being pulled from one of the oil market’s largest exchange-traded products.