---

Fuel oil trend

Rotterdam: $ 3 higher.
Singapore: $ 1 lower.
US Gulf: $ 2 higher.

New sanctions on Russia and week ahead in economic numbers (Brent: $109.9)

Following this weekend's developments with pro-Russian rebels taking hostages, the west is preparing new sanctions against Russia this week. The hostages are from the Organisation for Security and Cooperation in Europe (OSCE) and they are being held in Slaviansk in eastern Ukraine.

On the oil supply side, maintenance is closing the Buzzard oil field in the North Sea for several days and oil output from Libya is still not stable. In Iraq, repeated pipeline sabotage is keeping oil exports short of the 2014 target of 3.4 mio. bpd; so far exports have averaged 2.5 mio. bpd in April, 2.39 in March and 2.8 mio. in February.

Important economic numbers this week

Monday: Japanese retail sales and U.S. pending home sales.

Tuesday: German consumer climate and U.S. CB consumer confidence.

Wednesday: U.S. FOMC statement and interest rate decision and EU inflation for April.

Thursday: U.S. ISM Manufacturing and jobless claims, Chinese Manufacturing PMI.

Friday: U.S. Non-Farm Payrolls.

Expect some volatility around these numbers as well as Wednesday's oil inventory report.