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West Africa Crude-Angola sells, but Nigeria glut weighs LONDON: West Africa crude trading diverged on Wednesday, as Angolan selling and differentials versus dated Brent fared better than Nigerian grades. Traders said steady buying from Chinese and European refiners who prefer Angolan grades is helping to support the differentials and clear out the May programme, whereas Nigerian cargoes are struggling to sell. "Angola cargoes are moving quite fast," one trader said. "But for Nigeria, we have seen even some March cargoes unsold." High refining margins have led some, including India's Essar Oil, to delay maintenance work. This could boost demand for crude. Despite this, traders said even differentials for Angolan will face downward pressure, particularly given that sellers started the May programme by offering higher levels compared with April. "Offers were high since the start of the May programme," another trader said. "Levels will need to come off a bit in order for buyers to jump on these cargoes." ...
Oil rallies as Iran nuclear talks drag on, overshadowing supply concerns LONDON: Brent crude oil futures reversed early losses to rally to $55.90 a barrel on Wednesday, as talks over Iran's nuclear programme continued, curbing expectations of an immediate deal that would allow Iranian crude on to the market.The Iran talks overshadowed a sharp rise in crude oil stocks in the United States, where inventories rose by 4.8 million barrels to 471.4 million barrels in the week to March 27, according to the United States Energy ...
Oil prices slip under $55 Iran talks extend beyond deadline LONDON: Brent crude oil futures slipped below $55 a barrel on Wednesday on speculation that a last-minute deal over Iran's nuclear programme would be reached, opening the way for more Iranian crude to come into world markets.Talks between Iran and six world powers to settle a dispute around Tehran's nuclear programme extended beyond a Tuesday deadline.Efforts to reach a framework deal were scheduled to continue on Wednesday morning in the Swiss city of Lausanne.Brent crude ...
Oil prices steady as Iran talks drag on LONDON: Oil prices were largely steady Wednesday as marathon talks aimed at preventing Iran from getting a nuclear bomb went into a nail-biting extension.Traders meanwhile awaited the latest snapshot of US crude inventories for indications of demand in the world's biggest economy.Brent North Sea crude for delivery in May edged up seven cents to stand at $55.18 a barrel around midday in London. US benchmark West Texas Intermediate (WTI) for May slipped 34 cents to ...
West African crude oil exports to Asia rise to 2.34mn bpd in April LONDON: West African crude oil exports to Asia are set to rise by 30 percent to 2.34 million barrels per day (bpd) in April, up from 1.78 million bpd initially planned for March, according to a Reuters survey of traders and ship-tracking data on Tuesday.A flurry of buying from Indian refiners, led by state-run IOC, was the primary source of the increase. Indian refiners booked a total of 34 lots of West Africa crude to ...

 





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