Brent Crude ETF (BNO) Touches New 52-Week High
For investors seeking momentum, the United States Brent Oil ETF BNO is probably on the radar now. The fund just hit a 52-week high and is up 41.1% from its 52-week low price of $24.72 per share.
But are there more gains in store for this ETF? Let’s take a quick look at the fund and its near-term outlook to get a better sense of where it might head.
BNO in Focus
The Brent crude oil looks to track the daily changes in percentage terms of the spot price of Brent crude oil. The fund charges 114 basis points (bps) in annual fees (See: all energy ETFs here).
What Led to the Rise?
Rising geopolitical tensions in the Middle East and growing risks around the Strait of Hormuz lifted oil prices, driving gains in crude-linked funds ahead of the U.S. strike on Iran on Saturday. Supply disruption fears pushed investors toward oil exposure, helping the United States Brent Oil Fund LPBNO-- (BNO) rally before events fully unfolded.
More Gains Ahead?
BNO may continue its strong performance in the near term, with a positive weighted alpha of 23.80 (as per Barchart.com), which suggests a further rally.
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United States Brent Oil ETF (BNO): ETF Research Reports
This article originally published on Zacks Investment Research (zacks.com).
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