London — Brent crude oil prices fell on Tuesday, pulled down by a stronger dollar and a bout of profit-taking, while US futures gained, bringing the discount between the two key futures contracts to a six-month low. Brent crude futures fell 73c from Monday’s close to $64.94 a barrel by 10.17am GMT, while US West Texas Intermediate (WTI) crude futures were up 20c from their last close on Friday at $61.88 a barrel. Reduced supply from Canada to the US caused by pipeline reductions were supporting WTI, traders said. Brent is trading at a premium of less than $3 a barrel to WTI, down from more than $$7 at the start of the year. A narrower premium of Brent to WTI means it is also less attractive for consumers in north-west Europe to import US crude, especially with refiners conducting maintenance. Premiums for local North Sea grades are at multi-month lows. Logistical constraints in the US have even caused prices for regional grades to diverge. "Less crude oil is being transported from C...
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