Investors seeking momentum may have United States Brent Oil ETF (BNO Quick QuoteBNO - Free Report) on radar now. The fund recently hit a new 52-week high. The fund is 78.2% from its 52-week low level.

But could there be more gains ahead for this ETF? Let’s take a look at the fund and the near-term outlook to get a better idea of where it might be headed.

United States Brent Oil ETF (BNO Quick QuoteBNO - Free Report)

The Brent crude oil looks to track the daily changes in percentage terms of the spot price of Brent crude oil. The expense ratio of BNO is 1.13%.

Why The Move?

Crude oil prices increased to a more than seven-year high on Jan 28 and reported six straight weeks of gain as geopolitical turmoil between Russian and Ukraine aggravated concerns over energy supply crunch. On a weekly basis, the benchmark contracts posted their longest run of gains since October. Brent futures topped the $90-level, marking the highest level since October 2014.

More Gains Ahead?

The ETF BNO has a positive weighted alpha of 62.18. So, there is a decent outlook ahead for those who want to ride this surging ETF a shade further.