W. Africa Crude-More Angolan crude trades, but cargoes linger

 LONDON, Jan 8 (Reuters) - Angolan state oil company Sonangol
was heard to have sold a cargo of Olombendo crude on Wednesday,
though supply of February-loading cargoes remains ample due to
lacklustre demand. ANGOLA * About 13-14 of Angola's 38 cargoes for February are still
for sale, traders said, plus 3-4 cargoes being re-sold. That is
a large volume for this stage in the monthly trading cycle but
less than Tuesday's estimate of 17 cargoes. March loading
programmes will appear next week. * Sonangol sold the cargo of Olombendo to an eastern buyer
on Wednesday, a trader said, having last offered the cargo at
dated Brent plus $3.50. The cargo is thought to have been sold
below the offer level. Sonangol was still looking to sell cargoes of Dalia,
Gindungo and Hungo. The Dalia was being offered at dated Brent
plus $2.50, steady from Tuesday. * Backwardation, high freight rates and poor demand from the
United States and China's so-called teapot refineries are
weighing on the market. NIGERIA * Qua Iboe and Bonny Light were last heard to be offered at
dated Brent plus $3.20-$3.50, the highest since 2014 according
to Refinitiv Eikon data. * Still, supply is said to be ample which could weigh on
sold prices. TENDERS * Indian Oil Corp is running buying tenders this week for
crude to be delivered in the first half of March. * Initial indications from traders were that Vitol, Chevron
and Total will supply IOC with 3-4 million barrels. Further
details were not immediately available. (Reporting by Alex Lawler
Editing by Kirsten Donovan) ))

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