United States Brent Oil Fund (NYSEARCA:BNO) Stock Price Up 6.4% – Should You Buy?

United States Brent Oil Fund LP (NYSEARCA:BNO)’s stock price rose 6.4% on Monday . The stock traded as high as $44.84 and last traded at $44.84. Approximately 1,767,044 shares changed hands during mid-day trading, a decline of 56% from the average session volume of 4,019,310 shares. The stock had previously closed at $42.15.

More United States Brent Oil Fund News

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

• Positive Sentiment: Brent crude has surged as the U.S. and Iran exchange strikes, the U.S. reinstates a blockade of Iranian ports, and traders price in a higher risk of supply disruptions through the Strait of Hormuz. Oil rises after US-Iran hostilities flare again with strikes on energy targets
• Positive Sentiment: Market reports say Brent has already jumped to a one-month high, with prices reflecting the possibility that shipping and energy flows in the region could remain constrained. Oil Back Above $85 a barrel, U.S. Stock Futures Mixed
• Positive Sentiment: OPEC trimmed its oil-demand outlook again, but that has been overshadowed by geopolitical supply fears, keeping the short-term tone for crude constructive. Natural Gas and Oil Forecast: OPEC Cuts Demand Outlook – Can WTI Clear $80?
• Neutral Sentiment: The IMF warned that the global economy has less cushion against an oil-disruption shock, highlighting how vulnerable markets are to further escalation. IMF Sees Reduced Cushion Against Oil Disruption for Global Economy
• Negative Sentiment: China refiners are reportedly cutting fuel-oil imports and turning to cheaper crude, which could soften some downstream demand and partially offset the bullish supply shock. China refineries seek less fuel oil as they opt for cheaper crude, sources say

United States Brent Oil Fund Stock Performance

The stock’s 50-day moving average is $48.65 and its 200-day moving average is $43.05.

Hedge Funds Weigh In On United States Brent Oil Fund

A number of institutional investors and hedge funds have recently made changes to their positions in BNO. Bay Colony Advisory Group Inc d b a Bay Colony Advisors bought a new stake in United States Brent Oil Fund in the 2nd quarter valued at about $456,000. Chemistry Wealth Management LLC bought a new position in United States Brent Oil Fund in the second quarter worth approximately $257,000. NewEdge Advisors LLC acquired a new stake in United States Brent Oil Fund in the first quarter valued at approximately $1,776,000. Royal Bank of Canada grew its stake in United States Brent Oil Fund by 49.3% in the first quarter. Royal Bank of Canada now owns 5,974 shares of the company’s stock valued at $310,000 after acquiring an additional 1,974 shares during the period. Finally, Empowered Funds LLC acquired a new stake in United States Brent Oil Fund in the first quarter valued at approximately $2,872,000.

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.