The rising tide of light U.S. shale oil has largely swept away comparable grades of Nigerian oil from American shores and is putting them under pressure in Europe. But steady Indian and Indonesian demand has helped lift price indications for two of Nigeria’s top grades to near five-year highs, according to traders and shipping data. “It’s only because India’s economy has been growing, and to a lesser extent Indonesia, that there remains decent demand for Nigerian crude. Without those two countries, the European buyers would have dragged the market much lower,” one seller said. A projected rise in buying from European refineries, which supply fuel to the United States, is offering some support for now. Light Nigerian oil is easily processed into higher octane gasoline increasingly used in the United States, where the summer driving season looms. As a result, sellers of Bonny Light and Qua […]