Shares of United States Brent Oil Fund LP (NYSEARCA:BNO – Get Free Report) passed above its fifty day moving average during trading on Thursday. The stock has a fifty day moving average of $62.44 and traded as high as $62.70. United States Brent Oil Fund shares last traded at $62.53, with a volume of 2,298,957 shares trading hands.
United States Brent Oil Fund News Summary
Here are the key news stories impacting United States Brent Oil Fund this week:
- Positive Sentiment: Crude rebounded as traders bought the dip, and Russia’s warning to its citizens against travel to Iran added support by renewing market concern about geopolitical risk. This helped lift the backdrop for Brent-linked BNO. Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Rebounds As Traders Buy The Dip
- Positive Sentiment: U.S. commercial crude inventories fell for a fifth straight week, while distillate stocks reached their lowest level in more than two decades—evidence of tighter near-term supply that can support oil prices. U.S. Crude Oil Stockpiles Post Fifth Straight Weekly Drop
- Neutral Sentiment: WTI bounced from support, but technical analysis also flagged a possible double top and a broken rising channel, leaving further downside possible. This is a mixed signal for crude-linked BNO. WTI Price Forecast: Crude Oil Rebounds From Critical Support
- Negative Sentiment: Oil had fallen for four consecutive days amid expectations that Iran-war escalation risk would ease, including hopes for progress in U.S.-Iran peace talks. Lower perceived risk of supply disruption removes a source of support for Brent. Oil falls for a fourth day on expectations for lower risk of Iran war escalation
- Negative Sentiment: Other reports point to recovering Gulf supply, rising exports, weaker demand and a possible global oil surplus. Reports that refiners are turning away some physical cargoes also suggest demand may be softer than futures pricing implies. JPMorgan says rising exports, weak demand push global oil market into surplus
United States Brent Oil Fund Price Performance
The company has a 50 day moving average of $62.44 and a 200 day moving average of $50.18.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. CVS HEALTH Corp acquired a new stake in shares of United States Brent Oil Fund in the 3rd quarter valued at $3,605,000. Kestra Advisory Services LLC grew its holdings in shares of United States Brent Oil Fund by 41.6% in the 3rd quarter. Kestra Advisory Services LLC now owns 9,369 shares of the company’s stock worth $563,000 after purchasing an additional 2,754 shares during the last quarter. Walled Lake Planning & Wealth Management LLC bought a new stake in shares of United States Brent Oil Fund in the 3rd quarter worth about $565,000. WESPAC Advisors LLC bought a new stake in shares of United States Brent Oil Fund in the 3rd quarter worth about $870,000. Finally, Farther Finance Advisors LLC bought a new stake in shares of United States Brent Oil Fund in the 3rd quarter worth about $25,000.
United States Brent Oil Fund Company Profile
The United States Brent Oil Fund, LP (BNO) is an exchange-traded fund that is based on the Front Month Brent Crude Oil index. The fund tracks the Brent oil spot price using near-month ICE futures contracts. BNO was launched on Jun 2, 2010 and is managed by US Commodity Funds.
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