More money managers are axing oil stocks

Thorough probe: A trucker loads his truck with fuel in Salt Lake City, Utah. A US Senate committee is investigating whether oil producers are illegally coordinating with Opec to raise prices. — AFP

COPENHAGEN: There’s a growing list of institutional investors in Europe who are stripping oil and gas stocks out of their portfolios, in a move they say reduces the risk of ending up with stranded assets and financial losses.

The latest to do so is PFA, Denmark’s largest commercial pension fund with roughly US$110bil of assets under management.