…Nigerian crude fares lower
London — Heavier oils from Angola and Congo remained steady at high prices on Friday, while Nigerian oil fared lower amid a large glut of unsold cargoes.
A cargo of Congolese Djeno crude was being offered for dated Brent plus $1.50.
Angolan Girassol was being offered for $3.30, down about 20 cents from last week.
“Numbers are very strong, pushed from China,” one trader said.
With around 50 Nigerian cargoes yet to be sold for June and July, oil from Africa’s number two exporter continues to face a difficult path to market amid sluggish demand, especially from Europe.
Crude output by the Organization of the Petroleum Exporting Countries (OPEC) in May and April showed compliance to a production cut pact of 19% from Nigeria and 73% from Angola.
- Reuters
