LONDON, July 6 (Reuters) - Trading was muted on Monday and
differentials for West African grades held steady or eased
somewhat as high crude oil futures prices corresponded with
slightly weaker physical oil prices.
* Around 10 cargoes of Angolan oil remain to be sold for
export in August.
* An improvement to middle distillate margins has made for
swifter sales this month, but main buyer China has sharply
reduced purchases due to poor margins and port congestions.
* Traders said the Brent futures price above $40 a barrel
was rendering the price of physical crude too expensive and had
led to a reduction of both East Asian and European buying.
* Prices for lighter Mediterannean grades CPC Blend and
Azeri began to ease late last week, as they and West African
grades continue to compete with cheap U.S. lighter crudes.
* Nigerian lighter grades had also yet to gain in price,
with Bonny Light and Qua Iboe still last being offered at around
between 50 cents a dollar above dated Brent.
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