Activity was focused on a handful of small tenders on Thursday with sellers staying on the sidelines as demand has yet to resurface following the holiday period.

Chinese demand has been weaker for the latest month’s cargoes and inventories are high, traders said. Nigerian oil marketing firm MRS awarded its sell tender for a cargo of Forcados loading Feb. 14-15 and a cargo of Amenam loading Feb. 10-11 but winner details did not immediately emerge.

South Africa’s Sasol issued a buy tender for a cargo of west African crude loading mid to end-February. Glencore won a buy tender by Astron Energy, its oil refinery in South Africa, with a cargo of Nigerian Okwuibome for early March arrival.

Source: Reuters