W.Africa Crude - Crude differentials hold steady
XLE•West African crude differentials remain stable
LONDON, July 28 (Reuters) - West African crude oil differentials remained stable on Tuesday as oil futures fell further.
- Brent futures prices fell more than 6% to a two-week low on cautious hopes for a resolution to the Iran war as traders continued to assess developments in the Middle East. O/R
- Last week traders said the market was awaiting developments after an escalation in hostilities in the Middle East.
- West African, Brazilian and Guyanese crudes could be substitutes for disrupted Middle East supplies, traders have said.
- Nigeria and Angola have together exported about 2.2 million barrels of oil per day so far this month, Kpler data shows, down slightly from the 2.3 million bpd exported last month.
