Traders and analysts said it is difficult for West African crude oil sellers to sell crude oil cargoes scheduled to be shipped on December 26 and January due to intense competition for large and cheaper alternatives to crude oil. Analysts pointed out that the amount of unsold crude oil in Nigeria and Angola reflects overall oversupply in the global oil market, which has led to a sell-off in the international futures market.

Traders and analysts said it is difficult for West African crude oil sellers to sell crude oil cargoes scheduled to be shipped on December 26 and January due to intense competition for large and cheaper alternatives to crude oil. Analysts pointed out that the amount of unsold crude oil in Nigeria and Angola reflects overall oversupply in the global oil market, which has led to a sell-off in the international futures market.