W.Africa Crude-Grades under further pressure
LONDON, June 23 (Reuters) - West African crude oil differentials were under downward pressure on Tuesday, reflecting slow demand in Asia and competition among different grades.
U.S. President Donald Trump said 19 millions barrels of oil flowed out of the Strait of Hormuz on Monday, and pointed to falling oil prices in a social media post on Tuesday. The Strait was effectively closed by Iran for months due to the U.S.-Iran war.
In the last known offer level, Exxon offered a cargo of Angolan Hungo with August 6 to 7 loading dates at dated Brent minus $4.05 per barrel on Friday.
There is potential for differentials to fall further, one trader said.
Europe is seeing increased offers of crude from outside the region due to poor demand in Asia, which is weighing on differentials, traders said.
