North Sea Crude-Brent rises to highest since mid-Oct

LONDON: North Sea crude oil differentials edged higher on Monday, led by gains in Brent, which changed hands at its strongest in over a month after brisk trade in the daily trading window.

The loading programmes for January are due out later this week. The December BFOE programme was one of the largest so far this year, adding to the weakness in North Sea differentials that has persisted through the last month.

An overhang of crude stored on ships has contributed to the underlying weakness. Reuters data shows at least six aframaxes, each capable of holding some 750,000 barrels of oil, and two suezmaxes, able to hold around 1 million barrels.