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Oil Services ETF (OIH) Hits a 52-Week High
For investors looking for momentum, VanEck Vectors Oil Services ETF (OIH - Free Report) is probably a suitable pick. The fund just hit a 52-week high and is up about 215% from its 52-week low price of $66/share.
Let’s take a look at the fund and its near-term outlook to gain an insight into where it might be headed:
OIH in Focus
The underlying MVIS U.S. Listed Oil Services 25 Index tracks the overall performance of U.S.-listed companies involved in oil services to the upstream oil sector, which include oil equipment, oil services, or oil drilling. It has AUM of $865.6 million and charges 35 basis points in annual fees (see all Energy ETFs here).
Why the Move?
Oil prices have been hovering at the highest levels in more than 11 months, supported by monetary policy easing and lower crude production in the United States. This has boosted the hopes for a rebound in the crude production in the United States, which in turn has benefited the oil services companies.
More Gains Ahead?
It seems like the fund will remain strong in the near term, with a positive weighted alpha of 71.04, which gives cues of further rally. Operating backdrop is also in favor of the fund.
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