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Crude oil prices fell in Asia on Tuesday as a key HSBC gauge of manufacturing in China declined into contraction.

Futures at ICE and NYMEX marked near fresh 5-year-lows on Monday morning but considerably increased afterwards. Comments of the OPEC's general secretary and the oil minister of the United Arab Emirates before the weekend weighed on the futures at first. Libya's production losses caused a strong countermovement in the morning. The Libyan oil terminals Es Sider and Ras Lanuf, which are the country’s biggest oil terminals (about 560,000 bpd) had been closed. Upward potential was limited as the market situation stayed bearish due to last week's monthly reports. The market is able to compensate such losses as the Libyan ones due to the predominating oversupply. That's why the losses effects carry almost no weight. Selling pressure finally predominated in the late afternoon so that futures in London and New York settles lower near fresh long-term lows. WTI tested the 55.00 USD mark for the first time since May 2009.

ICE Gasoil contract for January delivery settled at 555.75 USD on Monday, this is 10.25 below Tuesday's settlement. With some 65,000 deals the traded volume (front month) was above average.

The stochastic indicator's lines converged at ICE and NYNEX and even crossed at some charts. But they didn't cross sustainable enough yet to trigger any buying signal. Therefore, the indicator stays neutral like yesterday and at the oversold level. The RSI is as well at the oversold level and has no change to trigger any important signal. The strong downtrends stay intact offering some margin for short covering. This short covering might be favoured by the oversold constellation and by possible buying signals of the stochastic indicator. But as long as they keep missing, we consider the technical constellation still as neutral this morning. The important psychological support at 55.00 USD WTI has already been tested last night.

U.S.

Nymex above avarage: Futures stabilised on a low level on Monday morning. The rebound of the 55.00 USD support at the WTI chart supported slightly. The disappointing Chinese economic data prevent further upward movement at the moment. The traded volume at NYMEX is far 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 economic indicators which are to be released today as well as the US oil inventory report as per API which is to be released tonight at 10.30 p.m.

Houston (ex-wharf indications 16-12)
380cst $329
180cst $449
MGO $692

New Orleans (ex-wharf indications 16 -12)
380cst $360
180cst $438
MGO $693

Singapore (delivered indications 16-12)

WTI is losing with -$3.01Singapore paper is down with -$17.50 for 180cst with -$18.00 for 380cst for Dec, and for Jan 180 cst -$17.80 and 380cst with -$18.65 with MGO contracts Dec bearish with -$2.80 and in Jan with -$2.82. The cargo market is losing with 180cst -$3.91, 380cst with -$5.70 and MGO with -$0.20.

380cst $355
180cst $368
MGO $585

Fujairah (delivered indications 16-12)

380cst $355
180cst $400
MGO $845

ARA (Amsterdam - Rotterdam - Antwerp)

Indications for delivered bunkers:
380cst : $316
(1.0 %) : $325
MGO 0.1%S: $531