Nigerian crude overhang weighs amid slim spot activity

A few cargoes of Nigerian crude cleared via tenders but a hefty overhang of October cargoes remained on Friday amid slim spot activity.

About 15-20 cargoes of October loading Nigerian crude were still left while November cargoes were slow to sell on the spot market.

Uruguay’s state-run oil firm ANCAP awarded its tender to buy 1 million barrels of a medium to light crude for delivery Nov. 23-27 to Mercuria. The grade was said to be Erha.

Source: Reuters

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