(Bloomberg) -- Funds that invest in US corporate high-yield bonds suffered the biggest weekly cash exit since February as concerns that interest rates will stay higher for longer continue to mount.

About $2.4 billion of cash exited the funds in the week ended Sept. 27, according to data from Refinitiv Lipper. That’s the largest exodus since the period ended Feb. 22, the data showed. 

While money has made its way to the funds for the past few weeks, rising oil prices have fanned inflation worries leaving investors concerned.

Companies have borrowed about $20 billion from the junk-bond market this month, according to data compiled by Bloomberg. But funding costs have risen steadily amid uncertainty about the US economy, which may give buyers and borrowers pause.

US investment-grade bond funds, meanwhile, saw a roughly $1.7 billion withdrawal in the latest week, according to the Lipper data. The Bloomberg US Corporate Bond Index dropped 0.4% Wednesday, sending it into the red for the year after being up as much as 5% in early February.

--With assistance from Andrew Kostic and Gowri Gurumurthy.

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