iPath Pure Beta Crude Oil ETN
OIL
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- iPath Pure Beta Crude Oil ETN (OIL) is an exchange-traded note issued by Barclays Bank PLC that seeks to track the performance of the Barclays WTI Crude Oil Pure Beta Total Return Index, which reflects returns from a pure-beta strategy applied to West Texas Intermediate (WTI) crude oil futures contracts; the index comprises derivatives such as futures on WTI crude oil and is designed to minimize costs associated with contango and backwardation in commodity markets. The ETN provides investors with exposure to crude oil price movements without direct ownership of physical commodities or futures, targeting institutional and retail investors seeking commodity-linked returns; it does not pay dividends and is unsecured debt senior to Barclays' other obligations but junior to secured debt. Originally launched on April 20, 2011, with a scheduled maturity date of April 18, 2041, the product is domiciled in the United Kingdom and primarily trades on the New York Stock Exchange (NYSE Arca). In recent years, Barclays suspended further issuances and sales of the iPath Pure Beta Crude Oil ETN, along with other iPath ETNs, starting in March 2022 due to administrative oversights in registration statements that led to excess issuances; sales were halted indefinitely as announced on April 28, 2022, with rescission offers initiated for eligible purchasers. Although some sources indicate the ETN went out of business as of June 14, 2023, recent trading data shows ongoing activity on platforms with prices around $28.42 as of late 2025, suggesting secondary market liquidity persists despite the issuance suspension. Barclays resumed issuances for select other iPath ETNs in August 2022, but no specific reopening has been announced for OIL, marking a significant operational change in its availability and potentially impacting premiums or discounts to indicative value. The ETN operates within the commodities-focused financial products segment, with geographic exposure tied to U.S.-listed trading and global crude oil markets.