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No rebound for July Brent yet this morning

As noted here yesterday, the price of July Brent ran into a hefty seller when the price reached $85. The subsequent fall that followed saw it drop back further below $84. Later Brent for July delivery later settled $0.62 lower on the NYMEX exchange, at $83.68. Once again the reader is reminded; that the July contract will expire later today, so from the tomorrow that will rollover into the August contract. So, far today there has been no rebound for oil prices and the lower equity dynamic looks likely to be a major reason for that. In fact, given the losses in that space over the past 24 hours, it is actually quite surprising that Brent is not actually even lower this morning. Perhaps that is due to the proximity of expiry? The range seen so far today has been covered by $83.30 to $83.77. July brent is currently trading at $83.38
 

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