Brent crude’s biggest
price-rout in more than a year is coming to an end as the flow of West African
crude to Asia helps disperse a glut, banks including Societe Generale SA, BNP
Paribas and DNB ASA said.
A “price floor is forming”
close to $100 a barrel for Brent, used to value more than half the world’s oil,
as the surplus of Nigerian supplies is whittled away, Societe Generale said in
a report Thursday.
The incentive for sending
cargoes from the region to buyers in Asia is at its strongest in four years,
data from PVM Oil Associates Ltd. show.
Chinese and Indian refiners
bolstered purchases of West African crude to
