July Brent crude rises above $82.50

At the back end of last week oil prices came under pressure and that saw the price of Brent crude for July delivery drop below $81 per barrel, to around $80.70 on Friday morning. However, the rally that ensued saw it rise into the final NYMEX settlement of the week. Brent later settled $0.76 higher, at $82.12. Today the price has extended that rebound and now taken it above $82.50, from an earlier session low just above $82.00. The contract will expire this week on May 30 and it could that short-covering ahead of that expiry has helped to push the price towards $82.70 today. Brent for July delivery is currently trading at $82.65