United States Brent Oil Fund (NYSEARCA:BNO) Shares Gap Down – Time to Sell?

United States Brent Oil Fund LP (NYSEARCA:BNO) gapped down before the market opened on Monday. The stock had previously closed at $62.22, but opened at $59.34. United States Brent Oil Fund shares last traded at $59.73, with a volume of 560,322 shares.

United States Brent Oil Fund Stock Performance

The firm’s 50 day simple moving average is $62.65 and its 200-day simple moving average is $50.35.

Institutional Investors Weigh In On United States Brent Oil Fund

Several hedge funds have recently bought and sold shares of the business. CVS HEALTH Corp acquired a new position in United States Brent Oil Fund in the 3rd quarter valued at approximately $3,605,000. Empowered Funds LLC purchased a new stake in United States Brent Oil Fund in the 1st quarter worth approximately $2,872,000. NewEdge Advisors LLC acquired a new stake in shares of United States Brent Oil Fund during the 1st quarter valued at $1,776,000. Lombard Odier Asset Management USA Corp acquired a new stake in shares of United States Brent Oil Fund during the 1st quarter valued at $854,000. Finally, MSH Capital Advisors LLC acquired a new stake in shares of United States Brent Oil Fund during the 3rd quarter valued at $978,000.

About United States Brent Oil Fund

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.