Spot trading of August-loading Angolan crude has got under way.
Sonangol has already sold August-loading spot cargoes of Dalia and Cabinda, to trading companies, traders said. There are 38 August-loading cargoes in the programme, of which Sonangol allocated 13 to term customers.
Sellers say the market has shown signs of recovery but there was a degree of uncertainty about the level of Chinese demand. One large Chinese buyer has yet to bid for any August barrels.