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Brent edges back as contract expiry meets US oil company earnings
The Brent June oil contract will expire this week and the pricing on the platform will then switch over to July. That is something the reader needs to be aware of. Earlier this morning, the rebound in the June contract saw the price lift above $89.50 and subsequent to that report it rose to touch $89.70. However, since then it has been edging lower and just now dipped to below $89. The move lower could be due to profit-taking now kicking in ahead of the contract expiry and it also comes against a backdrop of no further progress in the US equity futures right now. That is seeing the Dow Jones futures edge lower ahead of a couple of major US oil companies reporting their Q1 earnings a little later this morning. At 10.15am GMT we get results from Chevron (CVX) and then at 10.30am GMT we get Exon Mobil. They are expected to show positive top and bottom line earnings in Q1. Brent for June delivery is currently trading at $89.07
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