Investors sell oil and gold ETPs on 'ambitious' OPEC plans and Fed fears

Oil price spiked after OPEC agreed production cut

Oil ETPs suffered their worst weekly outflows for over six years following OPEC's decision to cut production for the first time since 2008 last month, according to ETF Securities.

Flows out of long oil ETPs soared to $126m - the highest level since August 2010 - as investors sought to take profits from the commodity's 15% gain in the immediate aftermath of OPEC's announcement, amid concerns the "ambitious" deal is likely to disappoint in the long term. Oil price spikes 8% as OPEC agrees production cut OPEC agreed to cut production by some 1.2 million barrels a day on 30 November.  However, ETF Securities noted the reference figures from which the group is cutting are inflated, particularly when compared with the amount produced in October. Several flaws a...