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Brent ETF (BNO) Hits New 52-Week High
Investors seeking momentum may have United States Brent Oil ETF (BNO - Free Report) on radar now. The fund recently hit a new 52-week high. Shares of BNO are up approximately 70.3% from their 52-week low of $13.62/share.
But could there be more gains ahead for this ETF? Let’s take a look at the fund and the near-term outlook to get a better idea of where it might be headed.
United States Brent Oil ETF (BNO - Free Report)
The Brent crude oil looks to track the daily changes in percentage terms of the spot price of Brent crude oil. The expense ratio of BNO is 1.13%.
Why The Move?
Oil prices have been rising since the beginning of 2022. In fact, Brent crude and U.S. West Texas Intermediate (WTI) have touched their highest prices since late November. The upside in the crude oil prices is being triggered by a variety of factors like easing Omicron variant concerns, protests in Kazakhstan and outages in Libya causing supply shortages and less OPEC+ output.
More Gains Ahead?
The fund has a positive weighted alpha of 64.39. So, there is a decent outlook ahead for those who want to ride this surging ETF a shade further.