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Brent ETF (BNO) Hits New 52-Week High
For investors seeking momentum, United States Brent Oil (BNO - Free Report) is probably on radar now. The fund just hit a 52-week high and is up nearly 38.4% from its 52-week low price of $11.88/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 on where it might be headed:
BNO in Focus
BNO is an exchange-traded security that is designed to follow the daily changes in the spot price of Brent crude oil. The expense ratio of the fund is 0.90% (see all Energy ETFs here).
Why the Move?
At the end of October, Brent crude jumped above $60 a barrel for the first time in more than two years. Talks of OPEC’s output cut extension led to this gain. As a result, the fund gained in the recent session.
More Gains Ahead?
It seems that this fund might stay strong given a positive weighted alpha of 28.30. As a result, there is still some promise for investors who want to ride on this surging ETF.
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