LONDON: Benchmark oil prices fell on Wednesday as US crude stocks registered a surprise build and OPEC pointed to a 2017 supply surplus.
Top oil exporter Saudi Arabia boosted its oil output to a record high in July, it told OPEC, in a sign key members remain focused on market share rather than tackling a supply glut by curbing production.
US crude stocks rose last week, but stocks of gasoline and distillates fell, the US Energy Department said on Wednesday.
Traders said differentials needed to soften in order to facilitate trade.
NIGERIA
Bonny Light was offered above $2 per barrel, but trading was slow, sources said.
Qua Iboe, Forcados and Brass River remained under force majeure. Shell said there was no force majeure on Bonny Light crude oil despite the closure of one pipeline and force majeure on a liquefied natural gas line at Bonny Island.
Loading programmes for Qua Iboe in September had still not emerged.
ANGOLA
A trader said Unipec had bought one cargo of Nemba and one of Saxi from Songanol, but this could not be confirmed. * Cargoes of Cabinda, Dalia and Nemba from other sellers were still available for sale, sources said.
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