(Bloomberg) -- One of the oil market’s biggest exchange-traded funds registered its largest daily withdrawal in almost seven years, just days before a pivotal OPEC+ meeting on production policy.
The United States Oil Fund, ticker USO, posted a reduction of almost $225 million, its biggest one-day cash drop since December 2016. It follows a run of large inflows and outflows over recent weeks as volatility in crude prices has picked up. Two cross-commodity ETFs also saw large outbound flows.
The oil market is now keenly focused on an OPEC+ meeting that will take place over the weekend to decide on production levels for next year. Prices have faltered in the run-up to that gathering, with West Texas Intermediate futures late week touching the lowest since July. That came as robust supply growth dented predictions of scarcity in the oil market.
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