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October Brent crude sideways so far today ahead of contract expiry on Monday
Yesterday oil prices got a lift from the early session US stock market gains. The price of Brent crude for October delivery rose from a low at around $76.25, to above $77.50, peaking at $77.70 as the European markets drew to a close. It then gave some of those gains back as it slipped into the NYMEX settlement. Brent later settled $1.17 higher on that exchange, at $77.22. It is not far removed from that close right now today and so far the price action has been sideways ahead of the European opening. It is important to note; that the October contract will expire on Monday and that could explain the price action we have seen so far today? Brent for October delivery is currently trading at $77.23
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