WTI Oil ETF (OIL) Scales a New 52-Week High
Investors seeking momentum may have iPath S&P GSCI Crude Oil Index ETN OIL on radar now. The fund recently hit a new 52-week high. Shares of OIL are up approximately 70.1% from its 52-week low of $4.45/share.
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.
OIL in Focus
OIL focuses on providing exposure to the price movements of WTI Crude oil, the most popular benchmark for crude oil. This fund invests in listed crude oil futures contracts. OIL charges 75 basis points in fee per year and has AUM of $584.0 million (see all Energy ETFs here).
Why the Move?
WTI crude prices rose to reach a more than 3-year high. Increased geopolitical tensions led to the steep increase. President Donald Trump threatened Russia of striking missiles on its ally Syria, in response to Russian ambassador’s threat to strike down any American crafts attacking Syria. Moreover, Saudi air defense forces intercepted at least three ballistic missiles fired by Yemen's Houthis, aimed at Saudi cities, fueling the crude’s rally.
More Gains Ahead?
OIL has a weighted alpha of 40.20. So, there is a promising outlook for those who want to ride this surging ETF a shade further.
Want key ETF info delivered straight to your inbox?
Zacks’ free Fund Newsletter will brief you on top news and analysis, as well as top-performing ETFs, each week. Get it free >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
OIL INDEX (UA) (OIL): ETF Research Reports
To read this article on Zacks.com click here.
Zacks Investment Research
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
