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Futures Movers: WTI crude drops under supply pressure, but Brent ticks higher

U.S. and European oil prices diverged on Tuesday, with concerns about global oil supply still acting as a weight on West Texas Intermediate crude.

Following holidays on Monday in the U.S. and U.K., July Brent futures LCON8, +0.41% were up 29 cents, or 0.4%, to $75.61 a barrel. July WTI prices CLN8, -1.65% were down $1.10, or 1.6%, to $66.78.

While oil futures have been pushed lower in recent days by the prospect of increased production, the U.S. benchmark has fallen more of late than Brent. That “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.

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