Oil ETF (BNO) Hits New 52-Week High
Nasdaq For investors seeking momentum,United States Brent Oil ETF BNO is probably on radar. The fund just hit a 52-week high and is up 37.5% from its 52-week low price of $23.69/share.
But are more gains in store for this ETF? Lets 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
The Brent crude oil looks to track the daily changes in percentage terms of the spot price of Brent crude oil. The fund has 1.00% in expense ratio (see:all the Energy ETFs here).
Why the Move?
The oil segment of the broad commodity market has been an area to watch lately, given the soaring oil prices. Oil analysts forecast a sustain rally in the liquid commodity price as Saudi Arabia prolonged its voluntary one-million-barrel oil supply cut through to the end of the year. Notably, the initial supply cuts seem to have yielded positive results. Currently, Brent crude is hovering around $95 a barrel. Analysts believe that oil could reach $100 by the year-end.
