United States Brent Oil Fund (NYSEARCA:BNO) Sets New 52-Week High – Here’s What Happened

United States Brent Oil Fund LP (NYSEARCA:BNO)’s share price reached a new 52-week high during mid-day trading on Thursday. The company traded as high as $68.78 and last traded at $68.78, with a volume of 225,296 shares traded. The stock had previously closed at $67.05.

United States Brent Oil Fund News Roundup

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

• Positive Sentiment: Geopolitical risk is the main bullish catalyst. Houthi attacks on Saudi facilities and vessels, deadly incidents in Saudi Arabia, and persistent threats to shipping through the Strait of Hormuz have raised fears of disruptions to regional oil production and transportation. Brent moved above $110 as a result. US Orders Some Diplomats Out of Saudi Arabia After Deadly Attacks, Brent Tops $110 Oil Prices Rise as Hormuz Shipping Risks Persist
• Positive Sentiment: U.S. commercial crude inventories fell by 3.1 million barrels, substantially more than the 300,000-barrel decline analysts expected. Earlier API data also indicated a sizable draw, reinforcing near-term supply tightness. U.S. Crude Oil Stockpiles Fall More Than Expected
• Positive Sentiment: Oil markets also received support from renewed attention to Middle East tensions after earlier market concerns about artificial-intelligence stocks temporarily eased. Nasdaq Futures Drop Over 1% as AI Worries Resurface, Oil Climbs

United States Brent Oil Fund Stock Up 1.4%

The business’s fifty day simple moving average is $58.97 and its 200 day simple moving average is $52.78.

Institutional Trading of United States Brent Oil Fund

Several large investors have recently made changes to their positions in BNO. Empowered Funds LLC bought a new stake in United States Brent Oil Fund in the 1st quarter valued at about $2,872,000. NewEdge Advisors LLC acquired a new position in United States Brent Oil Fund during the 1st quarter worth approximately $1,776,000. Lombard Odier Asset Management USA Corp acquired a new position in United States Brent Oil Fund during the 1st quarter worth approximately $854,000. CVS HEALTH Corp bought a new position in United States Brent Oil Fund in the first quarter worth approximately $520,000. Finally, Bay Colony Advisory Group Inc d b a Bay Colony Advisors bought a new position in United States Brent Oil Fund in the second quarter worth approximately $456,000.

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.