(Reuters) – Global bond and equity funds witnessed money withdrawals for a seventh straight week in the week ended Oct. 5 as the prospects of higher oil prices and continued interest rate hikes by the Federal Reserve weighed on sentiment.

Investors exited a net $16.33 billion worth of global bond funds and about $8 billion in equity funds, data from Refinitiv Lipper showed.

During the reported week, personal consumption expenditures (PCE) price index data showed a rise of 0.3% in August, after dipping 0.1% in July.

Adding to investor worries over inflation, the Organization of the Petroleum Exporting Countries and allies agreed for a deep cut in oil production earlier this week, curbing supply in an already tight market.

Investors sold European and U.S. bond funds of $13.04 billion and $910 million respectively, although Asian funds obtained a marginal $70 million.

Data showed, short- and medium-term bond funds recorded outflows of $7.5 billion after witnessing $8.57 billion in net selling in the previous week, but investors purchased government bond funds of $5.23 billion.

In equity funds, health care and financials sector funds witnessed disposals of $804 million and $398 million, but utilities attracted a net $326 million.

Meanwhile, money market funds saw $63.01 billion in net buying, the biggest weekly inflow since early July.

Data for commodities funds showed precious metal funds lost $206 million in a 15th straight week of net selling, while energy funds had a marginal outflow of $63 million.

An analysis of 24,645 emerging market funds showed equity funds received $1.18 billion in their first weekly inflow since July 13, although bond funds suffered a seventh straight weekly outflow, worth $3.93 billion.

(Reporting by Gaurav Dogra and Patturaja Murugaboopathy in Bengaluru; Editing by Toby Chopra)