W.Africa Crude - Market quiet as traders assess oil price volatility, spot tenders
XLE•West African crude market remains quiet
LONDON, Aug. 4 (Reuters) - The West African crude market was quiet on Tuesday despite volatility in the wider oil market.
- Global oil prices fell to a three-week low after comments by Qatari and U.S. officials raised hopes for a diplomatic resolution to the conflict in the Middle East and potential improvement to oil flows through the Strait of Hormuz.
- Sellers of West African grades have began to raise offer levels in recent sessions amid growing supply disruptions in the Middle East, traders told Reuters, but trading activity has been muted as market participants await further clarity on the volatile situation in the Strait of Hormuz and the Red Sea.
Nigeria downstream and financing developments
- In downstream news, Nigeria's Dangote oil refinery is set for Africa's biggest ever market listing as it seeks to raise about $5 billion through an initial public offering expected to conclude in October, a source with knowledge of the plan told Reuters.
- Nigeria's National Economic Council on Monday approved the refinancing of NNPC Limited's $3.3 billion oil-backed pre-export finance facility through a new $4.5 billion arrangement aimed at strengthening the country's external reserves and freeing up funds for infrastructure.
