North Sea Crude-Forties weaker while WTI holds steady

North Sea Forties crude differentials weakened on Monday after a lower offer while U.S. WTI Midland was unchanged after a higher offer failed to generate buying interest.

WEAKNESS ACROSS THE BOARD

* Global physical crude oil markets are weakening because of soft refinery demand and ample supply, traders and analysts told Reuters, which could bring further weakness for benchmark crude futures.

PLATTS WINDOW

* Indications are free on board (FOB) unless marked as cost, insurance and freight (CIF) or delivered at place (DAP).

* There were no deals, a trade source said.

* Forties: there were four offers, of which the lowest was from Vitol for June 6-10 CIF Rotterdam at dated Brent plus 20 cents or dated Brent minus 98 cents FOB, according to Reuters calculations.

* WTI Midland: There were three offers, of which the lowest was from Total for June 1-5 CIF Rotterdam at dated Brent plus $1.10.

* As a result, WTI was unchanged at the FOB equivalent of dated minus $1.18, in line with Friday's deal.

* WTI Midland remains the cheapest grade underpinning the dated Brent benchmark and therefore sets the price.