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Oil prices rose on Monday, after dropping for the past two sessions, as escalating clashes in Libya stoked worries about supply from the OPEC member.

Oil futures at ICE and NYMEX stayed almost unchanged during Christmas holidays. Trading volume was as low as expected in London and New York as most traders weren't active over the holidays. Weekly US oil inventory data as per DOE was released on Christmas Eve which were clearly bearish as expected and weighed on the futures. Since market players acted cautious in holiday trading there were no strong reactions due to the released figures and futures stayed above their long-term lows. After the trading pause on Thursday, selling pressure returned on Friday triggering an easing tendency when US floor trading reopened. This reaction was a delayed one due to Wednesday's bearish figures as floor trading was already closed on Wednesday. Neither Brent nor WTI reached its long-term lows. Only Gasoil was able to mark a fresh 5-year-low at 534.25 USD. Meanwhile Libya slightly supports oil futures as some fuel depots of its biggest oil terminal Es Sider burned due to some fights near this important oil installations.

ICE Gasoil contract for January delivery settled at 539.00 USD on Friday, this is 4.75 USD below Thursday's settlement. With some 6,800 deals the traded volume (front month) was far below average.

Neither the stochastic indicator nor the RSI trigger any fresh signals this morning. The stochastic indicator's lines converge but as long as they don't cross they won't trigger any buying signal. Currently, the futures consolidate on a low level which are limited by the long-term lows of the 16th of December at 53.60 USD WTI and 58.50 USD Brent. Only Gasoil was able to reach a fresh long-term low during Christmas holidays at 534.25 USD. Therefore, we consider the technical constellation as neutral this morning.

U.S.

Nymex above avarage: Oil futures stabilised again this morning without any direction after some downtests over the holidays. 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 while no important economic indicators are to be released today.

Houston (ex-wharf indications 29-12)
380cst $319
180cst $468
MGO $698

New Orleans (ex-wharf indications 29 -12)
380cst $338
180cst $408
MGO $664

Singapore (delivered indications 29-12)

WTI is gaining with -$1.22. Singapore paper is down with -$6.85 for 180cst with -$7.50 for 380cst for Dec, and for Jan 180 cst -$7.45 and 380cst with -$7.50 with MGO contracts Dec bearish with -$1.86 and in Jan with -$1.84. The cargo market is gaining with 180cst +$7.52, 380cst with +$3.17 and MGO with +$1.21.

380cst $340
180cst $350
MGO $570

Fujairah (delivered indications 29-12)

380cst $339
180cst $375
MGO $865

ARA (Amsterdam - Rotterdam - Antwerp)

Indications for delivered bunkers:
380cst : $298
(1.0 %) : $308
MGO 0.1%S: $528