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Crude oil prices fell in early Asia this morning as the market digested a decision by OPEC to largely leave current production intact that sent the commodity to a multi-year low overnight.

Oil futures in London and New York already decreased considerably in the night from Wednesday to Thursday breaching their yesterday's lows. Traders’ expectations changed shortly before the OPEC meeting. More and more market players didn't count anymore on a significant production cut after statements of some OPEC members. Futures-Services clients were also sceptical. About 70% were of the opinion that the cartel won't change anything. The OPEC's decision which was released on Thursday afternoon wasn't surprising. They will keep their quote of 30.0 mbpd so that production will only be cut by about 0.25 mbpd if they really respect their upper limit in the future. The futures dropped just after the decision and even breached important psychological supports. The selling wave continued until 5.30 p.m. before first profit takings appeared thwarting oil futures. Trading was shorter than usual due to US holiday Thanksgiving. In spite of the slight countermovement futures settled considerably lower in London and New York and registered the strongest price drop within a day for years.

ICE Gasoil contract for December delivery settled at 643.25 USD on Thursday, this is 51.50 USD below Wednesday's settlement. With some 40,800 deals the traded volume (front month) was far below average.

The stochastic indicator's lines continue converging this morning. Therefore, the indicator is to be seen neutral. The RSI doesn't trigger any fresh signals either. But the considerable price drop on Thursday and the breach of several important psychological supports as for example of the 70.00 USD mark at the WTI chart caused new downside which is expected to be tested today. Since the prices haven't built a floor yet and as neither the RSI nor the stochastic indicator trigger fresh signals we consider the technical constellation still as neutral to bearish this morning.

U.S.

Nymex above avarage: Oil futures are weaker again this morning after their short countermovement in late trading on Thursday and are expected to test their yesterday's long-term lows again. The traded volume at NYMEX is considerably above average at this time of the day. Market players are waiting for the European financial and the forex markets to open and will eye the situation in the geopolitical hotspots and the series of economic indicators which are to be released today and especially for the return of US floor traders in the afternoon.

Houston (ex-wharf indications 28-11)
380cst $420
180cst $514
MGO $897

New Orleans (ex-wharf indications 28-11)
380cst $442
180cst $502
MGO $814

Singapore (delivered indications 28-11)

WTI is losing with -$3.54 Singapore paper is down with -$19.10 for 180cst with -$18.10 for 380cst for Dec, and for Jan 180 cst -$21.00 and 380cst with -$20.25 with MGO contracts Dec bearish with -$4.15 and in Jan with -$4.09. The cargo market is losing with 180cst -$11.79, 380cst with -$11.48 and MGO with -$1.81.

380cst $448
180cst $460
MGO $685

Fujairah (delivered indications 28-11)

380cst $450
180cst $490
MGO $912

ARA (Amsterdam - Rotterdam - Antwerp)

Indications for delivered bunkers:
380cst : $393
(1.0 %) : $398
MGO 0.1%S: $648