---

Fuel oil trend

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

Increased supply from Libya, Jackson Hole processing (Brent: $102.3)

More oil has been loaded on tankers from Libya's largest crude export terminal – the country is now producing around 612,000 barrels per day which is almost half of production a year ago (1,4 mio. bpd.).

On the geopolitics front, Syrian forces lost further ground to IS and fighting in Iraq seems to be spreading with bomb explosion in the Iraq's Kurdistan region, Arbil.

Markets are still processing comments from the 3-day conference in Jackson Hole, U.S. between the world's central bank managers. Friday, Fed Chair Janet Yellen, spoke and all eyes were on possible comments from her about the timing of Fed raising interest rates. However, she apparently left rate hike options open, as labour market is "yet to fully recover". Also on Friday, President of the European Central Bank, Mario Draghi, in his speech indicated implementation of additional easing measures in order to spur growth in Europe which has been hit hard by the financial crisis. Timing of these measures is uncertain.

Later today, U.S. housing market data, New Home Sales, is published; tomorrow the Core Durable Goods Orders will show the ordering trends in the U.S.