Nigerian crude overhang continues to clear gradually

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crude oil

The overhang of Nigerian crude has cleared further thanks to a pick-up in buying interest, traders said

The number of unsold cargoes from the August and September programmes has dropped to about 10, from close to 30 at the start of the week, one trading source said.

Qua Iboe was heard to be on offer at dated Brent plus $1.40 for October loading – a relatively firm level given that a prompt cargo was said to have traded this week at about dated plus $1.

Source: energy mix report