Qua offered lower, IOC takes Akpo

Nigerian Qua Iboe crude was offered lower on Tuesday in a sign that high asking prices in recent sessions had been weighing on demand.

* Qua Iboe was being offered at dated Brent plus $3.15-$3.35 a barrel on Tuesday, a trader said, down from plus $3.50 heard on Monday.

* Strong refining margins for distillates and a drop in freight rates are supporting diferentials, but a steep backwardation in the dated Brent market structure is weighing, a trader said.

* Indian Oil Corp. IOC bought a cargo of Nigerian Akpo crude in its latest buying tender this week, a trader said.

* On Angolan grades, the offer of Plutonio at dated Brent plus $1.75 reported on Monday was not heard to have changed. Around 10 August-loading cargoes are thought to still be looking for buyers.