European and African Oil Prices Fall as U.S. Exports Soar

U.S. crude oil exports are rebounding this month, dragging down the prices of physical crude grades in Europe and Africa amid a relatively tepid market, traders told Bloomberg on Friday. After a temporary dip in April, U.S. crude flows to Europe have rebounded so far in May, according to vessel-tracking data that Bloomberg has compiled. In the first three weeks of May, observed U.S. crude oil exports to Europe are estimated to be on the rebound and to average at least 2.1 million barrels per day (bpd), up by a third compared to the average…