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Energy ETF (OIH) Hits New 52-Week High
For investors seeking momentum, VanEck Oil Services ETF (OIH - Free Report) is probably on radar. The fund just hit a 52-week high, and is up 69% from its 52-week low of $195.77 per share.
But are more gains in store for this ETF? Let’s take a quick look at the fund and the near-term outlook on it to get a better idea of 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. The fund charges 35 bps in fees and yields 0.91% annually.
Why the Move?
The segment was bullish thanks to the upbeat oil market. OPEC+ output cuts, an easing of the dollar, and continued risks of supply due to the prolonged supply-chain crisis – all contributed to the gains in energy ETFs.
More Gains Ahead?
The fund has a positive weighted alpha of 47.90. So, there is a decent outlook ahead for those who want to ride this surging ETF a shade further.