Nigerian crude trades on spot market; differentials under downward pressure

Several Nigerian cargoes from the May programme traded, but market activity was limited overall, Reuters reports.

Several Nigerian cargoes also traded. ExxonMobil sold a cargo of Erha to BP. The price was not clear, but Exxon had been offering Erha at a $2 a tonne premium to dated Brent.

Sahara also sold a May-loading cargo of Erha to BP, traders said, while Shell purchased an early May cargo of Amenam.

Offer levels for Nigerian oil had slipped, with Forcados offered at roughly $1.60 a barrel above dated Brent. Last month Forcados was offered as high as $2.50 a barrel above Brent.

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