Physical trade for August-loading cargoes remained muted as traders wait for Qatar to issue its monthly tender for al-Shaheen cargoes.

Some traders expect August-loading cargoes to trade weaker amid ample supplies. Qatari grades, in particular, could come under more pressure as shipping costs for the country's oil are expected to rise following embargoes from the United Arab Emirates and Saudi Arabia.

Buyers are expected to load Qatari oil separately on suezmaxes that could carry up to two cargoes or 1 million barrels on each trip.

Still, refiners may opt to buy more Qatari crude in order to fill up tankers which may offset bearish sentiment.

OFFERS: Chinaoil continued to offer Upper Zakum cargoes to load via ship-to-ship transfer off Fujairah. Buyers can opt for cargoes of 500,000, 1 million or 1.5 million barrels. Offers were made at 20 cents below August OSP and 50 cents below August Platts Dubai quotes.