Brent/WTI crude oil futures hit the widest spread in 3 years

The spread between Brent crude futures prices and U.
S.
WTI crude futures prices reached their widest level in three years on Tuesday
, driven by rising U.
S.
crude oil production that began to limit the rise in crude oil prices on the New York Mercantile Exchange.

At 14:45 GMT on Tuesday, the Brent/WTI spread widened by 60 cents to $
7.
84 a barrel.
The price of WTI crude futures for June on the New York Mercantile Exchange fell 5 cents per barrel to $70.
91 in Tuesday's trading, while the price of July Brent crude futures rose 5 cents per barrel in that
day's trading.

U.
S.
unconventional oil production is expected to rise by 144,000 barrels per day in June, rising to 7.
178 million barrels
per day, the U.
S.
Energy Information Administration said Monday.

This is the largest month-over-month increase by the U.
S
.
Energy Information Administration since it released its monthly drilling productivity report.