Investors continued to pull money from energy exchange-traded products (ETPs) in May after a rebound in oil prices stumbled as the global supply glut showed no signs of eroding. Some $540 million exited energy ETPs globally last month, following net withdrawals of $1.2 billion in April, data from asset manager BlackRock showed. Investors piled into oil ETPs in the first quarter chasing an oil price rebound. But Brent crude futures prices slipped just over 2 percent in May, and some investors decided to take profits ahead of a potentially much bigger downward correction. “The gains were getting a bit ahead of themselves given the elevated inventory levels,” said Martin Arnold, global commodity and FX strategist at ETF Securities, an issuer of ETPs. He noted that OPEC had not cut production, with Saudi Arabia raising output to a record high of around 10.3 million barrels per day (bpd) in […]