Sales of August-loading Angolan crude oil are better than the previous month, traders said, while West African exports to Europe for June were the lowest in years.

* Between 15 and 20 cargoes of Angolan crude oil remain to be sold for August, amid draws on refined product stocks in some key markets and reduced price offers.

* There was a glut of oil for the July export programme even after August programmes were published, due to slowdown in Chinese purchases.

* Traders predict sale prices may continue to slip as China holds off on purchases of spot cargoes.

* Exports of West African oil to Europe for June slipped to their lowest level since November 2014, according to Refinitiv Eikon data.

* The data showed a relative uptick in Chinese buying compared with previous years, but those flows were still down versus the prior two months when China snapped up cheaper crude amid a downturn in global demand.

 

Source: Reuters

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