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Brent slips below $83 after US data

Oil prices have been under a degree of downside pressure all and just now the price of Brent crude for July delivery fell to fresh session lows, underneath $83. To repeat once again, this is the final day of trading for the July contract and it seems that further position squaring ahead of the NYMEX settlement this evening continues to dictate the price action. That said we do have some important US inventory data due out later this afternoon from the EIA (at 2.30pm GMT). That is expected to show a draw on stocks of around 1.95 million barrels in the latest reporting week. That compares to a build of 1.85 million barrels last time. So, irrespective of the expiry today, a really big surprise from that inventory data could have an impact. Brent for July delivery is currently trading at $82.85
 

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