The Nigerian crude sold at the highest price since 2014 on Wednesday. Traders were confident enough to offer two of the country’s grades, Bonny Light and Qua Iboe around their highest price, according to Reuters. Differentials were pushed up for a few key crudes to multi-month high, Nigeria’s case, multi-year highs, due to shortages of Libyan and Algerian crudes and smaller export programme for CPC amid strong demand from refineries in both Europe and Asia for distillate-rich grades.

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