United States Brent Oil Fund (NYSEARCA:BNO) Stock Price Crosses Above Fifty Day Moving Average – Here’s What Happened

Shares of United States Brent Oil Fund LP (NYSEARCA:BNO) crossed above its 50 day moving average during trading on Thursday. The stock has a 50 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.

United States Brent Oil Fund News Roundup

Here are the key news stories impacting United States Brent Oil Fund this week:

• Positive Sentiment: Falling distillate inventories, resilient U.S. jobs growth and Middle East supply constraints are supporting a cautiously bullish longer-term view of crude, though prices remain range-bound. Crude Oil Forecast: Why Falling Inventories Keep Supply Risks in Focus
• Positive Sentiment: Persistent Hormuz and Middle East supply concerns could provide a floor for oil prices and support BNO if disruptions threaten exports. Natural Gas and Oil Forecast: Hormuz Risks Persist, Can Brent Reclaim $104?
• Neutral Sentiment: An oil-market analyst said prices are supported by low inventories and supply-demand fundamentals, but forecast that an expected surplus could pull oil lower over the coming year. Fesharaki Says Oil’s Right Price Is $80-$90
• Negative Sentiment: Reports of demand weakening as high prices curb consumption, alongside fresh signs of a potential global supply glut, are a headwind for crude and BNO. As high oil prices curb demand, fresh signs of glut appear
• Negative Sentiment: Oil was on track for a sharp weekly decline as prices eased, with reduced expectations of further Iran-war escalation and recovering supply adding pressure; Middle East concerns may limit the drop. Oil set for sharp weekly drop but Middle East supply concerns provide floor

United States Brent Oil Fund Stock Down 0.5%

The business’s fifty day simple moving average is $62.65 and its two-hundred day simple moving average is $50.35.

Institutional Investors Weigh In On United States Brent Oil Fund

Hedge funds have recently made changes to their positions in the stock. Farther Finance Advisors LLC acquired a new position in United States Brent Oil Fund in the 3rd quarter valued at approximately $25,000. Ball & Co Wealth Management Inc. acquired a new stake in shares of United States Brent Oil Fund during the 1st quarter worth approximately $56,000. Midwest Trust Co acquired a new stake in shares of United States Brent Oil Fund during the 1st quarter worth approximately $216,000. Avidian Wealth Enterprises LLC acquired a new stake in shares of United States Brent Oil Fund during the 3rd quarter worth approximately $270,000. Finally, Integrated Wealth Concepts LLC increased its position in shares of United States Brent Oil Fund by 23.1% during the second quarter. Integrated Wealth Concepts LLC now owns 4,922 shares of the company’s stock valued at $200,000 after purchasing an additional 922 shares during the period.

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.