W.Africa Crude-Differentials hold steady despite demand
LONDON, May 20 (Reuters) - West African crude oil differentials to dated Brent were little changed on Wednesday.
West African oil differentials have been holding steady or moving lower in recent sessions as refinery run cuts and China reselling left cargoes searching for homes.
However, the market was still relatively tight and there was demand from Asia for medium sweet crude grades, a trader said.
Last week, a cargo of the Nigeria's Utapate grade was being offered at dated Brent plus $3.75, a trader said, while Angolan grades were trading at flat to dated plus $1.
China's crude oil imports from its biggest supplier, Russia, stood at 2.18 million barrels per day last month, up 11% year-on-year, according to customs data published on Wednesday. However, it imported 2.53 million in April from Angola, 12% lower than the same month last year.
