Exchange traded fund investors are exiting energy sector bets for the first time in eight months after oil prices rebounded off a six-year low.

Investors have yanked over $1.55 billion from energy stocks exchange traded funds, setting up the first monthly outflows from the sector since October, reports Jim Polson for Bloomberg.

Month-to-date, the Energy Select Sector SPDR (NYSEArca: XLE) experienced $628.6 million in net outflows, Vanguard Energy ETF (NYSEArca: VDE) lost $9.5 million and iShares U.S. Energy ETF (NYSEArca: IYE) saw $533.2 million in outflows, according to ETF.com.

Meanwhile, investors pulled $368.1 million out of the United States Oil Fund (NYSEArca: USO), which tracks West Texas Intermediate crude oil futures, and redeemed $14.0 million from United States Brent Oil Fund (NYSEArca: BNO) so far this month.

Crude oil has been falling off after the early May highs, with WTI crude oil futures now trading around $57.2 per barrel and Brent crude at $62.2 per barrel.

“The thesis that oil is too cheap and it has to go higher maybe is not as compelling a case with oil at $60 as it was when it was at $42,” Ryan Issakainen, a strategist at First Trust Advisors LP, said in the article.

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