LONDON, Aug 13 (Reuters) - Sales continued to be largely
quiet as sellers and buyers refused to budge on prices, but
demand in Europe justified some offers which remained steady.
* Traders said last week's heavy buying largely satisfied
demand for September-exporting cargoes, but that some short-term
demand remained especially in Europe, where vehicle mobility has
outstripped other regions.
* Refining margins there remain largely poor, making buyers
reluctant to meet sellers consistently high prices.
* Despite higher prices for low sulphur fuel oil, prices for
medium to heavy West African grades have suffered recently due
to weak Asian buying, the International Energy Agency noted this
week, citing Nigerian Forcados and Angolan Cabinda.
* Traders sought clarity on prices from several ongoing and
recently closed buy tenders from India and Indonesia which
regularly go to Nigerian grades, though results did not emerge.
* Only a few cargoes of Angolan crude remained for export in
September ahead of new loading programmes expected early next
week, with BP believed to still be offering at least two
cargoes.
RELATED NEWS
* Russian Energy Minister Alexander Novak does not expect
any hasty decisions on output cuts when an OPEC+ group
monitoring committee meets next week as the oil market has been
stable, Russian news agencies reported on Thursday. * The International Energy Agency (IEA) cut its 2020 oil
demand forecast on Thursday, warning that reduced air travel due
to the coronavirus pandemic would lower global oil demand this
year by 8.1 million barrels per day (bpd). <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Africa crude differentials versus North Sea dated https://tmsnrt.rs/3amlUqT
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