W. Africa Crude-Traders await Angolan September loadings
LONDON, July 16 (Reuters) - West African crude oil differentials held steady on Wednesday as market participants continued to await an Angolan loading programme for September.
* The Angolan loading schedules usually surface around the middle of the month. Less than five Angolan cargoes of the current trade cycle remain unsold, a trader said on Tuesday.
* Demand for distillate-rich medium West African crudes has been supported by strong refinery profit margins, a trader said, adding that the Autumn refinery turnaround season could cap crude demand.
* Recent offers for West African grades included Bonny Light at dated Brent plus $2.60 and Forcados at dated Brent plus $4.25.
* India bought a total of about 130,000 barrels per day (bpd) of Nigerian crude in June, up by 40% on the month, while its Angolan purchases rose by 8% month on month to 66,000 bpd.
* U.S. president Donald Trump on Tuesday threatened sanctions on buyers of Russian exports, as well as a 100% tariff of Russian goods.
* India and China are the major buyers of Russian oil and are also importers of West African crudes.
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