LONDON, May 10 (Reuters) - Offers for light sweet West
African crude were pared back slightly as Asian buying remains
slow, while large supply gluts have buyers expecting further
price reductions.
* Offers of Nigerian Bonny Light and Qua Iboe crude remained
below dated Brent flat as India continues to largely hold off on
new crude purchases from the region.
* Cargoes of Zafiro from Equatorial Guinea were offered for
around the same rates, although slow sales convinced some
traders that only steeper price cuts will lead to sales.
* Medium sweet Nigerian Egina crude fared slightly better,
with Portugal's Galp purchasing a cargo for about dated Brent
plus $1.
* Middle East crude grades remained heavily favoured by
Asian buyers as the Dubai-Brent spread continues to disadvantage
Brent-priced grades from West Africa and elsewhere.
* Heavier crude from Angolan and Congo held firm on improved
refining margins, but offers for the latter continued to hover
at levels below dated Brent minus $1.
* Nearly 10 Angolan spot cargoes remain on sale for loading
in June, in an especially slow month of trading.
* Sellers hoped that the end of official holidays in China
would lead to a pickup in sales there, but traders largely
predict a revival of East Asian demand will be slow amid
abundant Iranian oil imports and caution over COVID-19.
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