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Brent Crude edges back from above $84.60
As noted here earlier this week, the July Brent crude futures contract will expire tomorrow, but that has not dented the short squeeze ahead of that expiry. Yesterday Brent pushed higher after the wider European close and that later delivered a $2.10 higher settlement price on the NYMEX exchange, at $84.22. The price action since has seen further upside earlier today. The high seen was set at $84.65. It is backing away from that high right now though and perhaps it is now a case of seeing, whether or not the squeeze higher since last week, will give way to the opposite ahead of that expiry tomorrow? Brent for July delivery is currently trading at $84.38
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