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June Brent crude takes out $65 per barrel in final trading day ahead of expiry
The previous update briefly touched on the price of Brent crude, noting the June contract was falling back close to $65 per barrel. Well, since then it has now fallen below that level. The reader is also reminded that today is the final day of trading for the June contract and tomorrow that will rollover into the July contract. So, the July contract is in backwardation and close to $64 just now and that is adding downside pressure on June, as the contract nears expiry later today. For your guide, the June contract settled $1.01 lower on the NYMEX exchange last night, at $65.86. The low seen a short while ago was set at $64.80. It is currently trading at $64.89
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