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Brent Oil Futures Ticks Higher in Asia

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05/29/2018 | 06:38am CEST

By Biman Mukherji

--Brent oil futures rebounded some in Asian trading after Monday's shortened global session left the benchmark with a 5.6% drop over the past three trading days.

--Following holidays Monday in the U.S. and U.K. and weekend political uncertainty in Italy, July Brent futures were recently up 0.5% at $75.67 a barrel. July light, sweet crude on the New York Mercantile Exchange was recently down 1.6% from Friday's settlement at $66.80. During Asian trading Monday morning, the contract briefly fell below $66.

--While oil markets have been pushed back in recent days by the potential of increased production, the U.S. benchmark falling more of late than Brent "is a surprising divergence as Brent is more exposed than WTI to higher production in Russia and Saudi Arabia," said Michael McCarthy, chief market strategist at CMC Markets.

Stocks mentioned in the article
ChangeLast1st jan.
LONDON BRENT OIL -0.60% 73.987 Delayed Quote.13.26%
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