United States Brent Oil Fund (NYSEARCA:BNO) Trading Up 6.6% – Should You Buy?

United States Brent Oil Fund LP (NYSEARCA:BNO) traded up 6.6% during mid-day trading on Wednesday . The stock traded as high as $49.84 and last traded at $49.83. Approximately 589,325 shares changed hands during mid-day trading, a decline of 85% from the average session volume of 3,865,399 shares. The stock had previously closed at $46.74.

Key Stories Impacting United States Brent Oil Fund

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

• Positive Sentiment: Iranian attacks on a U.S. base and continued closure of the Strait of Hormuz have heightened fears that the conflict could escalate and disrupt a key global oil-shipping route. Brent prices rose sharply as traders reassessed supply risk. Crude Oil Price Analysis – Crude Oil Rallies as Middle East Risk Escalates
• Positive Sentiment: Oil also received support from expectations that U.S. crude inventories declined last week, signaling tighter near-term domestic supply. Oil prices rebound by more than $2 a barrel on prospect of tightening US crude supplies
• Positive Sentiment: Recent fighting has undermined diplomatic efforts between the United States and Iran, reducing near-term hopes for a reopening of Hormuz and normalization of energy flows. Oil prices climbed more than 3% in response. Oil Surges as Fresh Middle East Strikes Threaten Fragile Diplomacy

United States Brent Oil Fund Trading Up 7.3%

The business has a fifty day moving average of $47.40 and a 200-day moving average of $44.54.

Hedge Funds Weigh In On United States Brent Oil Fund

Several hedge funds have recently made changes to their positions in BNO. Jump Financial LLC bought a new position in shares of United States Brent Oil Fund during the third quarter valued at approximately $4,303,000. Ruffer LLP bought a new stake in United States Brent Oil Fund in the fourth quarter valued at $3,019,000. Virtu Financial LLC purchased a new position in United States Brent Oil Fund during the 3rd quarter valued at $2,865,000. Harvest Fund Management Co. Ltd increased its position in United States Brent Oil Fund by 35.8% during the 4th quarter. Harvest Fund Management Co. Ltd now owns 337,192 shares of the company’s stock valued at $9,549,000 after purchasing an additional 88,905 shares during the period. Finally, Empowered Funds LLC bought a new position in United States Brent Oil Fund in the 1st quarter worth $2,872,000.

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.