Sellers lowered their offers in West Africa as the market braced for March export plans over the coming days, Reuters reports.
Just over 20 February-loading cargoes were still available, while the March export plan was expected by the middle to the end of the week. While recent Indian tenders had absorbed some oil, both IOC and BPCL also took grades from other regions, leaving more West African oil left to sell.
ExxonMobil had lowered its offer for Qua Iboe to a roughly $2 per barrel premium to dated Brent, down by roughly 25 cents from earlier offers. Traders said other grades would need to soften as well in order to get spot deals moving.