United States Brent Oil Fund (NYSEARCA:BNO) Share Price Crosses Below Fifty Day Moving Average – Here’s Why

United States Brent Oil Fund LP (NYSEARCA:BNO)’s stock price crossed below its 50 day moving average during trading on Wednesday . The stock has a 50 day moving average of $29.48 and traded as low as $29.10. United States Brent Oil Fund shares last traded at $29.50, with a volume of 553,107 shares traded.

United States Brent Oil Fund Stock Up 1.2 %

The company has a fifty day moving average of $29.45 and a two-hundred day moving average of $30.11.

Institutional Investors Weigh In On United States Brent Oil Fund

A number of institutional investors have recently made changes to their positions in the company. International Assets Investment Management LLC lifted its stake in United States Brent Oil Fund by 2,731.0% during the third quarter. International Assets Investment Management LLC now owns 4,756 shares of the company’s stock worth $135,000 after purchasing an additional 4,588 shares during the last quarter. Fifth Third Bancorp raised its holdings in shares of United States Brent Oil Fund by 41.0% during the second quarter. Fifth Third Bancorp now owns 14,100 shares of the company’s stock worth $453,000 after purchasing an additional 4,100 shares during the period. Daiwa Securities Group Inc. lifted its position in shares of United States Brent Oil Fund by 8.3% in the 3rd quarter. Daiwa Securities Group Inc. now owns 70,100 shares of the company’s stock worth $1,985,000 after buying an additional 5,400 shares during the last quarter. Ignite Planners LLC acquired a new position in shares of United States Brent Oil Fund in the 3rd quarter valued at about $515,000. Finally, Harvest Fund Management Co. Ltd grew its position in shares of United States Brent Oil Fund by 16.1% during the 3rd quarter. Harvest Fund Management Co. Ltd now owns 111,000 shares of the company’s stock valued at $3,142,000 after buying an additional 15,371 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.