Brent Oil Surge Draws Flood of Crude Cargoes Toward Europe
- Jump in crude oil loadings from U.S. Gulf late last month
- North Sea oil trading at hefty premiums amid supply curbs
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Soaring premiums for North Sea oil have led to an influx of crude cargoes into Europe from exporters throughout the Atlantic Basin.
Producers from countries including Nigeria, Brazil and the U.S. loaded almost 1 million barrels a day more crude for European buyers last month than they did in March, according to tanker tracking data compiled by Bloomberg. That included a late-April jump in cargoes from terminals in the U.S. Gulf of Mexico.