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.