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Brent ETF (BNO) Hits a New 52-Week High
For investors looking for momentum, United States Brent Oil ETF (BNO - Free Report) is probably a suitable pick. The fund just hit a 52-week high and is up 113% from its 52-week low price of $9.34/share.
Let’s take a look at the fund and its near-term outlook to gain an insight into where it might be headed:
BNO in Focus
The Brent crude oil looks to track the daily changes in percentage terms of the spot price of Brent crude oil. Its expense ratio is 1.13%.
Why the Move?
Oil prices jumped on Sep 22 after U.S. crude stocks dropped to their lowest levels in three years as refining activity restored after recent storms. Plus, despite recent scare originating from the Delta variant of Covid-19, overall demand for fuel has rebounded to pre-pandemic levels.
More Gains Ahead?
It seems like the fund will remain strong, with a positive weighted alpha of 78.53, which gives cues of further rally.