Brent crude lifts from session lows, but for how long?

Friday was the last day of trading for the Brent May contract and therefore perhaps no surprise to see it tail off into the expiry on the NYMEX exchange. Earlier in the day Brent had topped out around $74.20. It later settled $0.40 lower on the NYMEX exchange, at $73.63. As stated, that May contract has now expired and so now we are trading the June contract on the platform. So, with the June contract in backwardation, the price is lower this morning anyway and of course the slide in the Asian stock markets is no reason to push oil prices higher. The range seen so far in Brent for June delivery has been covered by $72.28 to $73.11. It is currently trading around $72.67