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Brent Crude oil rose above $103 a barrel on Tuesday, up for a second day due to concerns about supply disruptions in the Middle East and Africa and a slightly improved economic outlook. Brent crude prices for August delivery rose 25 cents to $103.25 a barrel by 1225 GMT after rising 0.8 percent the previous day. U.S. crude futures for August were up 30 cents to $98.29 per barrel after rising more than 1 percent on Monday. Oil output in Libya has fallen by a third after protesters shut several oilfields and anti-government demonstrations in Egypt have raised concerns about the stability of the whole region. Prices were also supported by data on Monday from the Institute for Supply Management that showed U.S. manufacturing activity grew in June.

Oil futures in London and New York have already ticked higher early in the morning breaching their first resistance lines in morning trading. They received a fillip from the news regarding the escalating anti-Mursi protests in Egypt. The steadier euro and the recovery at European stock markets (caused by better than expected economic data out of the euro zone) have also supported prices. In the following, technical buying orders pushed oil futures above further resistances. Prices renewedly soared in US-trading, after the ISM released its manufacturing index for June with a better than anticipated reading of 50.9 points. This is clearly above the 50 points-marker that seperates growth from contraction. The ISM manufacturing index is considered an important indicator for economic growth in the USA and thus, also for oil demand. The WTI rose to 98.25 dollars - its highest level since June 19. US crude oil futures were still supported in late trading settling near its highs after reports saying that BP had restarted its distillation unit at its Whiting refinery after reparation work. However, product contracts shed nearly all of their earlier gains. The Brent also pulled back from its highs. ls as well.

ICE Gasoil contract for July delivery settled at 883.25 USD on Monday. This was ±0.00 USD compared to Friday's settlement. With some 47,800 deals the traded volume was slightly below average.

The lines of the stochastic indicator have meanwhile converged at all charts. At the Gasoil chart, the indicator's lines have already met. If they cross, the indicator might give a selling signal. The stochastic indicator is already in overbought territory which might prompt investors to take some profits. The RSI still doesn't give any signals yet. Since signals from the stochastic indicator are still lacking, we still assess the technical constellation as neutral this morning.

U.S.

Nymex bullish: After yesterday's ups and downs, oil markets take a breather this morning trading hardly changed compared to yesterday evening. Market players are still looking for direction. The traded volume at NYMEX is slightly below average for this time of day. Market players are now eying the performance of European markets, new cues from forex trading and for some economic data.

Houston (ex-wharf indications 01-07 )
380cst $582
180cst $632
MGO $962

New Orleans (ex-wharf indications 01-07)
380cst $585
180cst $626
MGO $964

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

Crude is bullish with +$1.58. The paper market is mixed with Jul 180cst -$2.05 and for 380cst +$0.80, and Aug contracts with 180cst +$2.55, 380st +$2.55. The cargo market is not yet responding, losing with 180cst -$2.11, and 380cst -$4.46 and MGO -$0.94.

The Singapore fuel oil markets erased last session gains, falling between -$4.5 to -$2.0 during the morning Platts window yesterday. Bunker demand was said to be slow while supply appears to be ample and smooth. The delivered bunker premiums were ranging between +$4.5 to +$7.0 above cargoes prices yesterday. This morning markets are trading slightly higher.

380cst $584
180cst $598
MGO $880

Fujairah (delivered indications 2-07)

380cst $592
180cst $675
MGO $1020

ARA (Amsterdam - Rotterdam - Antwerp)

Indications for delivered bunkers:
380cst : $589
(1.0 %) :$ 622
180cst: $628
(1.0 %):$ 653
MGO 0.1%S: $ 885