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imageLONDON: Crude futures rallied after data from intelligence firm Genscape showed a drop in oil stocks at the US Cushing, Oklahoma, hub.

Still, bearish indicators emerged as Iraq's crude oil production rose in July to 4.632 million barrels per day, its highest since January.

A small September programme for Nigeria's Brass River crude emerged, but the additions left the loadings at 36 cargoes so far, well below the nearly 60 that are typical.

Low freight rates and a narrow spread between Brent and Dubai crudes helped the appeal of West African crudes in Asia.

ANGOLA

Differentials firmed as some buyers looked to Angola as an alternative to Nigeria's troubled loading programme.

State oil company Sonangol sold a cargo of Cabinda to Gunvor, sources said, while BP sold Gunvor a cargo of Girassol.

Chevron was moving a cargo of Nemba to South Africa rather than the Nigerian cargoes the refinery typically processes.

NIGERIA

Total sold a cargo of end-August Bonny Light at a premium to dated Brent of more than $1.50 per barrel, traders said, above the most recent price assessment.

Others offered Bonny Light at premiums to Brent as high as a $2.60 per barrel due to the continued absence of Qua Iboe.

A loading programme for Brass River crude included four cargoes, including a 200,000 barrel cargo at the beginning of the month, two 950,000 barrel cargoes and one 500,000 barrel cargo at the end of the month.

There was no revised loading programme issued yet for Qua. ExxonMobil confirmed that production had been curtailed while "progress on repair continues", The company declined to give a timeline for the works.

Qua Iboe has been under force majeure since mid July after a "system anomaly" it observed during a routine check. Sources later said the issue was a leak on its subsea pipeline.

Copyright Reuters, 2016

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