W.Africa Crude - Higher crude supply weighs, IOC tender in view

- West African crude differentials were under pressure from higher supply of crude, traders said on Friday, while an IOC buying tender was in focus.

  • Indian Oil Corporation issued a tender whose results would be out soon, a trader said.

  • "It feels like the levels are coming off ... freight (is also) too expensive," he added.

  • Additionally, higher U.S. exports were also weighing on the market, with a lot coming into Europe, he said.

  • West African excess barrels have to compete with Middle Eastern grades coming to Europe, more U.S. WTI flows to Europe, volumes from strategic reserves and Caspian CPC Blend, traders and analysts said this week.