DBO was down more than 4% in afternoon trading Wednesday. The ETF holds $585.2 million in assets.
U.S. crude oil futures fell below $92 a barrel after briefly trading above $100 a barrel late last week.
“Several things were pushing prices down. Analysts said traders are taking profits after oil got above $100 per barrel on Friday for the first time since May,” the Associated Press reported. “And there have more signs this week that the global economy is slowing down, which tends to push oil prices lower because people and businesses use less energy. Also, crude inventories rose three times more than analysts had expected last week.”
“The pledge by the Saudis to keep pumping oil has been overhanging the market,” said Phil Flynn, vice president of research at PFGBest, in a Bloomberg report.
PowerShares DB Oil Fund
