Angola has found buyers for the bulk of its October cargoes. A rise in freight rates is affecting arbitrage economics.

One trader reported that there are still cargoes from the 10-12 October loading of Angola for sale. The programme of loading lists 31 cargoes. The November schedule will be available in about a weeks time.

The trader stated that there is an upcoming buying tender from Indonesia's Pertamina, which has caused some sellers to not make firm offers. He also said that the arbitrage for sending West African crude oil to Asia was narrowing due to the increase in shipping costs.

* No firm offers on Nigerian crude were heard Tuesday. However, the offer levels for grades like Forcados are thought to be lower than those for September barrels. (Reporting and editing by David Goodman).

(source: Reuters)