W.Africa Crude - Higher crude supply weighs, IOC tender in view
W.Africa Crude - Higher crude supply weighs, IOC tender in view LONDON, July 3 (Reuters) - West African crude differentials were under pressure from higher supply of crude, traders said on Friday, while an IOC buying tender was in focus.
Indian Oil Corporation issued a tender whose results would be out soon, a trader said.
"It feels like the levels are coming off ... freight (is also) too expensive," he added.
Additionally, higher U.S. exports were also weighing on the market, with a lot coming into Europe, he said.
West African excess barrels have to compete with Middle Eastern grades coming to Europe, more U.S. WTI flows to Europe, volumes from strategic reserves and Caspian CPC Blend, traders and analysts said this week.
(Reporting by Seher Dareen, Editing by Louise Heavens)
((seher.dareen@thomsonreuters.com))
Recent news on Indian Oil
See all newsIndia's oil ministry rejects Karnataka findings of excess ethanol in petrol
Brief: Indian OMCs Say Karnataka Claims Of Fuel Samples Exceeding Ethanol Limit Not Supported By Testing With Prescribed Procedures
India's Karnataka finds fuel samples exceeding 20% ethanol limit, state minister says (updated)
India's oil marketing cos, paintmakers and tyremakers jump after oil prices plunge
Indian oil marketing cos gain on sharp fall in oil prices