Investing.com investing.com 08 Jan, 2021 20:45 am

W. Africa Crude-Angolan offers slide despite looming cut in Saudi crude

W. Africa Crude-Angolan offers slide despite looming cut in Saudi crude
Read W. Africa Crude-Angolan offers slide despite looming cut in Saudi crude By Reuters

LONDON, Jan 8 (Reuters) - West African crude continued to trade slowly on Friday despite a Saudi pledge to cut output which will reduce supplies and signs that Asian buyers are tapping oil in storage.* Supply is set to be tighter after Saudi Arabia's surprise output cut in a producer meeting this month.* The trend had yet to make itself felt strongly in the West African market as barely any of Angola's spot cargoes for February had sold and price offers slipped.* Severe mobility restrictions around the world to contain a surge in COVID-19 cases have weighed on fuel sales, weakening the prospect of energy demand recovery in the first half of 2021.

* A record seven North Sea cargoes traded on the Platts window on Thursday, 4 of them by China's Unipec, likely related to the reduced imports from the Mideast.* Strong futures, which hit 11-month highs of $55 a barrel, as well as a backwardated market structure, partly explained the lack of interest.

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