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Crude oil prices topped $95 per barrel Tuesday morning in a week that in which influential news is expected Thursday and Friday. Price movement may be cautious until later in the week with the Energy Information Administration's weekly stockpile report delayed to Thursday due to the Memorial Day holiday. In addition, oil ministers of the Organization of Petroleum Exporting Countries are to meet Friday to discuss production quotas.

As expected, oil futures in London and New York were trading largely sideways in their technical range on Monday as guiding signals were lacking. Oil prices had still climbed up to their first resistance in early Asian trading but ICE contracts soon slipped again, consequently testing their first support but without success. In the course of the day, oil prices consolidated within their trading range. The fact that U.S. trade was closed particularly weighed on WTI. While ICE futures tested their first resistance in the evening, with G.Oil even breaching it, the American crude stalled due to the low trade volume. As there had been no economic data on the agenda and analysts already held out the prospect of no decisive resolutions at the OPEC meeting in Vienna on Friday, the only positive signals facing in a bear market came from the good performance of European stocks and from the stronger euro vs. the dollar. As a result, oil prices closed a bit higher in shortened electronic trade.

ICE Gasoil contract for June delivery settled at 858.50 USD on Monday. This was 4.25 USD above Friday's settlement. With some 9,675 deals, the traded volume was certainly below average.

The Stochastic gave off a buying signal at ICE charts yesterday as its both lines crossed and thus has turned bullish. The indicator still is neutral for WTI, however. Moreover, the RSI is also not giving of any signals yet and is neutral at all charts. From a merely technical perspective, the buying signal at the Stochastic indicates more upward tests. Although upward potential was still limited, with the breach of the crucial resistances at 102.80 USD (Brent) and at 860.00 USD (G.Oil), more technical buying orders have been triggered, accelerating the upturn.

U.S.

Nymex bullish: Oil prices at ICE and NYMEX started edging higher in Asian trading but have declined again quickly, initially trading without clear direction this morning. But as ICE futures breached their first resistances, technical buying orders have driven prices further up. Trade volume at NYMEX is far above average for this time of day as market players return to office after the holiday yesterday and are now waiting for European markets to open, for fresh signals from forex trading as well as for a series of economic indicators to be released in the USA this afternoon. Due to the holiday on Monday, the API and DoE data will be released a day later, respectively.

Houston (ex-wharf indications 24-05 )
380cst $581
180cst $643
MGO $950

New Orleans (ex-wharf indications 24-05)
380cst $587
180cst $648
MGO $960

Singapore (correct as of 1430hrs LT - delivered indications)

380cst $603
180cst $613
MGO $870

Fujairah (delivered indications 28-05)

380cst $617
180cst $684
MGO $1015

ARA (Amsterdam - Rotterdam - Antwerp)

Indications for delivered bunkers:
380cst : $588
(1.0 %) :$ 615
180cst: $ 618
(1.0 %):$ 645
MGO 0.1%S: $ 858