West African crude differentials were steady on Thursday in an absence of spot offers for July Nigerian grades, while fresh cargoes could be headed for India after a tender.
Indian Oil Corporation (IOC) was heard to have picked up 2 million barrels of West African crude in its latest buy tender on Thursday, according to a trader familiar with the matter.
In its last tender on Monday, IOC was heard to have picked up a cargo of Nigerian Agbami crude, a trade source said.
Price discovery for Nigerian grades has been obscured this week by a lack of spot offers, traders said, with participants focusing on tender awards instead.
West African medium grades could pick up in value as demand increases for the peak summer fuels season, as well as firm profit margins for fuel oil, two sources said, with the caveat that the July cycle is yet to trade to confirm a more optimistic sentiment among participants.
Around 11-12 July Angolan cargoes remain unsold, a trader said on Thursday.
In upstream news, Brazilian state-run oil firm Petrobras said on Wednesday it won exclusivity to negotiate the purchase of nine offshore exploratory blocks located in Ivory Coast.
(Reporting by Robert Harvey; editing by David Evans)