Nigerian crude was offered lower on Monday amid reduced demand and a collapse in benchmark crude prices.
Trade remained subdued by the collapse in prices since Friday, when OPEC and its allies failed to renew their output
deal. This has made Saudi Arabia crude better value, one trader said.
Some sellers have increased offers, a trader said, describing the move as illogical given lower demand because of the coronavirus outbreak and the collapse in Brent prices since Friday’s OPEC deal failure.
Nigerian crude was offered lower as Qua Iboe was offered at dated Brent plus $2.10, 40 cents lower than the last known offer level reported on March 2.