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Brent futures held near $111 a barrel on Friday and were set to post the biggest monthly gain since August as prolonged unrest in Libya kept supply worries to the fore. More than 40 people were killed in an explosion at an army depot in southern Libya after locals tried to steal ammunition, the latest in a series of clashes highlighting the government's inability to restore order. But steady progress in settling the dispute over Iran's nuclear program have kept gains in check. Brent crude had fallen 2 cents to $110.85 a barrel by 0738 GMT, after swinging between $111.51 and $110.61 the session before. U.S. oil, down 12 cents at $92.18, is set to post its third straight monthly drop. There was no settlement because of the Thanksgiving holiday in the United States. ICE Gasoil contract for December delivery settled at 942.00 USD on Thursday. This was 1.00 USD below Wednesday's settlement. With some 19,700 deals, the traded volume was far below average.

Market players remained rather cautious on Thursday, as many traders were absent due to the Thanksgiving holiday in the USA. Gasoil consolidated on a high level staying between its first support and its first resistance, whereas Brent was slightly weighed down by some investors cutting their spreadbets. In all, there were no larger moves at oil markets, however, the more so as fundamental news were lacking. With a price band of only 30 cents, WTI remained nearly flat on Thursday. Against the backdrop of the US holiday, investors avoided larger transactions confining themselves to consolidating their risk positions. Thus - as expected - the traded volume was far below average as well.

According to the British service provider Oil Movements, seaborne OPEC oil exports are to increase by 700,000 bpd in a four-week period ending on December 14. Thus, the organization will be shipping 24,05 mbpd on average.

The lines of the stochastic indicator have already crossed at ICE charts giving a first selling signal. The RSI has approached the 70% line but will only give a selling signal if it falls below this threshold. Since yesterday and today the majority of traders will be absent due to the US holiday (Thanksgiving), the influence of the selling signals provided by the stochastic indicator shouldn't be overrated. Therefore, we only assess the technical constellation as neutral to bearish this morning. If the RSI dropped below 70% at the Brent chart, however, or if Gasoil and Brent sustainably breach their short-term supports at 941.50 USD and at 110,70 USD, respectively, selling pressure might renewedly increase favoring more profit taking at ICE.

U.S.

Nymex neutral: Since fundamental news are lacking, oil futures but slightly moved in electronic trading this morning. Gasoil and Brent are trading at the lower end of yesterday's ranges, however. The traded NYMEX volume is far above average for this time of day, however, this is in part also due to the orders that weren't effected yesterday. Therefore the data is not representative. Investors are now keeping an eye on the development at European markets, waiting for new signals from forex trading and today's economic indicators out of Europe.

Houston (ex-wharf indications 21-11)
380cst $590
180cst $658
MGO $979

New Orleans (ex-wharf indications 21-11)
380cst $592
180cst $644
MGO $982

Singapore

Crude is neutral with WTI +0.19. Singapore paper is bearish with -$1.75 for 180cst and -$2.10 for 380cst for Dec, and for Jan 180 cst -$1.60 and 380cst -$1.60 with MGO contracts Dec -$0.08 and Jan -$0.03. The cargo market is also bullish with 180 cst +$1.22 380cst +$1.30 and MGO +$0.40.

380cst $603
180cst $608
MGO $945

Fujairah (delivered indications 29-11)

380cst $621
180cst $667
MGO $1025

ARA (Amsterdam - Rotterdam - Antwerp)

A lot of operational problems in both Rotterdam and Antwerp. Many suppliers only possible to offer from 06/12 onwards.

Indications for delivered bunkers:
380cst : $583
(1.0 %) till 06/12 :$665
(1.0 %) from 06/12 onwards: $635
180cst: $613
MGO 0.1%S: $ 902