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Crude oil futures were lower this morning, as market sentiment remained subdued ahead of a meeting of Eurogroup finance ministers in Brussels later in the day, amid ongoing jitters over Greece's future in the euro zone.

Oil futures at ICE and NYMEX tended to the upside on Friday morning buoyed by the bullish technical constellation. Brent soon exceeded its first key-resistance at 60.00 USD but gains were capped by the 60.60 USD-marker. When the stochastic indicator gave a buying signal at the WTI chart, another wave of technical buying was triggered and so Brent finally breached the 60.60 USD-resistance. With the bullish technical constellation and the positive data on the Eurozone's GDP (released Friday morning), the upside at oil markets finally prevailed. Many market players took advantage of the technical buying signals in order to cut their short positions, the more so as many US traders prolonged the weekend by taking this Monday off. In the USA, President's Day is celebrated this Monday, with NYMEX floor trade staying closed. Late Friday evening, Baker Hughes released its report on active US oil rigs. This report showed that the number of rigs renewedly shrank by 84 to the lowest level in many years. Elsewhere in Libya, oil fields are to have been attacked again. However, these fields had already been shut down before the attacks. Futures held steady until late at night ending the week with considerable gains.

ICE Gasoil contract for March delivery settled at 583.50 USD on Friday, this is +21.00 USD above Thursday's settlement. With some 92,300 deals the traded volume (front month) was far above average.

On Friday, the stochastic indicator at the WTI chart confirmed the selling signals it had already given at the ICE charts, providing more upward potential. The indicator stays bullish at ICE and NYMEX charts this morning, whereas the RSI dropped below 70% at the Gasoil chart, giving bearish cues. The technical constellation thus remains neutral to bullish pointing to tests of the upside. However, the RSI shows that the situation stays rather unstable. Up to now, WTI's gains are limited by the strong resistance at 53.70 USD. Only if the contract sustainably breaks above this marker will there be more potential up to the resistances at 54.00 and 54.25 USD.

U.S.

Nymex above average: Oil futures held steady this morning against the backdrop of bullish news out of Japan, Iraq and Libya. Even so, they shed some of their gains. The traded volume at NYMEX is above average at this time of the day. Market players are waiting for the European financial and the forex markets to open and for news concerning the strikes at US oil refineries. Due to the President's Day holiday in the USA, there are but few economic indicators today.

Houston (ex-wharf indications 16-2)
380cst $337
180cst $404
MGO $635

New Orleans (ex-wharf indications 16-2)
380cst $347
180cst $383
MGO $622

Singapore (delivered indications 16-2)

WTI is losing with -$0.47. Singapore paper is down with -$2.00 for 180cst with -$1.85 for 380cst for Mar, and for Apr 180 cst -$2.00 and 380cst with -$1.75 with MGO contracts Mar bearish with -$0.08 and in Apr with -$0.13. The cargo market is bullsh with 180cst +$2.12, 380cst with +$1.55 and MGO bearish with -$0.33.

380cst $365
180cst $385
MGO $568

Fujairah (delivered indications 16-2)

380cst $367
180cst $386
MGO $778

ARA (Amsterdam - Rotterdam - Antwerp)

Indications for delivered bunkers:
380cst : $328
MGO 0.1%S: $573