Oil Fund Posts Half-Billion-Dollar Outflow After Brent Hits $90

The largest exchange-traded product in the oil market posted its biggest daily outflow on record as investors took profit after OPEC+ supply cuts propelled futures past $90 a barrel.

(Bloomberg) — The largest exchange-traded product in the oil market posted its biggest daily outflow on record as investors took profit after OPEC+ supply cuts propelled futures past $90 a barrel.

Almost half a billion dollars was pulled Tuesday from WisdomTree’s Brent Crude Oil fund, which has total assets of $1.8 billion. That came on the same day that OPEC+ kingpins Saudi Arabia and Russia said they would prolong deeper supply curbs into the end of the year.

The Brent fund, ticker BRNT, became the world’s largest oil exchange-traded product earlier this year following a run of giant inflows.

But in recent weeks as Brent crude prices rallied to their highest level since November, it has seen a string of large withdrawals as investors take profit after crude’s robust summer rally. Brent oil is now up almost 30% from its low for the year, as OPEC+ production cuts are helping to erode global crude inventories.

–With assistance from Sam Potter.

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