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Oil prices slid back close to opening levels this morning, after gaining earlier in the day on expectation of firm U.S. economic data due later on Tuesday.

Oil futures at ICE and NYMEX climbed early Monday morning. They tested their resistances, supported by the slightly bullish technical constellation. However, they failed to surpass Friday's highs at 58.60 USD (WTI) and 564.00 USD Gasoil. Since bullish cues were lacking both from the technical as well as from the fundamental perspective, there were no reasons for a sustainable rise. That is why oil futures shed earlier gains in the course of the day. Futures were also slightly weighed down by remarks made by representatives of OPEC. The officials still defended OPEC's strategy to not cut output and said that their countries would continue expanding their output capacities. Fights in the region of Mellitah, where Libya's westernmost port is located, had no sustainable impact on prices, however. On the one hand, the operations at the port have not been suspended yet and on the other hand, potential output losses could be compensated for as the oil market is still oversupplied. In late-afternoon trade oil futures breached first supports keeping track of the downside until late in the evening.

ICE Gasoil contract for January delivery settled at 548.00 USD on Monday, this is -0.75 USD above Friday's settlement. With some 38,200 deals the traded volume (front month) was below average.

The lines of the stochastic indicator are no longer drifting apart and so, the indicator has lost its slightly bullish impact. Even though the RSI is still trying to exceed 30%, this indicator will remain neutral, too, if it fails to break above this marker sustainably. Thus, there are no fresh cues at the moment. We therefore assess the technical constellation as neutral this morning. This is pointing to a consolidation. If the RSI exceeds 30% in the course of the day, a buying signal would be generated, however. In this case, oil futures might approach their short-term resistances near 58.35 USD WTI and 62.60 USD Brent.

U.S.

Nymex above avarage: Oil futures have slightly recovered in early trading but meanwhile they have approached Monday's lows again. The traded volume at NYMEX is far above average at this time of the day. Investors are now eying the development at European financial markets and forex trade and are looking ahead to the economic indicators which are to be released today.

Houston (ex-wharf indications 23-12)
380cst $314
180cst $467
MGO $700

New Orleans (ex-wharf indications 23 -12)
380cst $337
180cst $406
MGO $662

Singapore (delivered indications 23-12)

WTI is losing with -$2.51. Singapore paper is down with -$15.50 for 180cst with -$14.90 for 380cst for Dec, and for Jan 180 cst -$15.25 and 380cst with -$15.40 with MGO contracts Dec bearish with -$1.89 and in Jan with -$1.93. The cargo market is gaining with 180cst +$21.75, 380cst with +$20.65 and MGO with +$2.62.

380cst $340
180cst $358
MGO $578

Fujairah (delivered indications 23-12)

380cst $345
180cst $384
MGO $880

ARA (Amsterdam - Rotterdam - Antwerp)

Indications for delivered bunkers:
380cst : $308
(1.0 %) : $318
MGO 0.1%S: $545