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

United States Brent Oil Fund LP (NYSEARCA:BNO) shares gapped down prior to trading 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 trading hands.

Key United States Brent Oil Fund News

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

• Positive Sentiment: Brent climbed back above $92 a barrel as renewed Middle East strikes and attacks affecting Hormuz shipping raised concerns about supply disruptions and weakened hopes for a quick diplomatic resolution. That rebound could support BNO. Oil Prices Rebound as Middle East Supply Risks Persist
• Positive Sentiment: China’s October crude imports reached their highest level since March, a potential sign of stronger buying that could help support oil demand. China’s October crude oil imports rise to highest level since March amid Middle East war
• Neutral Sentiment: Tighter U.S. fuel inventories offer some support, but they are competing with recovering crude exports and weaker demand expectations, leaving the near-term outlook mixed. Crude Oil Outlook: Tight US Fuel Stocks Clash with Supply Recovery
• Negative Sentiment: Recent declines were driven partly by hopes of easing conflict and reduced supply risk. OPEC output also rose in October, while bearish technical signals and concerns about demand point to downside risks if the latest rebound fades. OPEC oil output rises in October to 90% of pre-war rate WTI Price Forecast: Bearish Signals Put $78 Support in Focus

United States Brent Oil Fund Stock Performance

The stock has a 50-day simple moving average of $62.91 and a two-hundred day simple moving average of $50.63.

Hedge Funds Weigh In On United States Brent Oil Fund

A number of large investors have recently modified their holdings of BNO. HighTower Advisors LLC purchased a new stake in United States Brent Oil Fund in the third quarter worth approximately $511,000. IFG Advisory LLC purchased a new position in shares of United States Brent Oil Fund during the third quarter worth approximately $139,000. MSH Capital Advisors LLC purchased a new position in shares of United States Brent Oil Fund during the third quarter worth approximately $978,000. CVS HEALTH Corp bought a new stake in shares of United States Brent Oil Fund in the 3rd quarter worth approximately $3,605,000. Finally, Kestra Advisory Services LLC lifted its holdings in shares of United States Brent Oil Fund by 41.6% in the 3rd quarter. Kestra Advisory Services LLC now owns 9,369 shares of the company’s stock worth $563,000 after acquiring an additional 2,754 shares during the last quarter.

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.