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Oil futures were under pressure this morning, after data showed that China's crude imports declined in May, adding to concerns over a slowdown in global demand.

Oil futures at ICE and NYMEX eased on Friday morning due to slightly bearish fundamental and technical signals. Market players were nervous before the announcement of the OPEC's decision which was to be published in the course of the day. Therefore, they acted rather cautious concerning risk positions. This is why oil futures decreased only slightly at that moment. Oil futures increased considerably after the release of the OPEC's decision to leave its production quota unchanged at 30.0 mbpd for the next half year. Some traders counted at least on a slight increase in OPEC production quota and liquidated these positions again after the announcement of the quota. Oil futures dropped in the early afternoon due to the US labour market data which surpassed expectations and pushed the dollar considerably upwards. Therefore, in dollar-negotiated oil futures became more expensive triggering selling orders. The supports at 61.00 USD Brent and 560.00 USD Gasoil stayed strong limiting losses. The Baker Hughes report was released in the late evening as usual. It registered a fresh decrease in the number of active US oil rigs. Therefore, oil futures at ICE and NYMEX increased again and finally settled at fresh highs on Friday evening.

ICE Gasoil contract for June delivery settled at 566.75 USD on Friday, this is -00.25 USD below Thursday's settlement. With some 36,600 deals the traded volume (front month) was below average.

The stochastic indicator at ICE and NYMEX is to be interpreted as neutral this morning. The indicator completely lost its bearish potential of the last week as its lines converge again. If its lines cross in the course of the week, a bullish signal might be generated. As the RSI doesn't trigger any signal either this morning, we consider the technical constellation as neutral this morning.

U.S.

Nymex on average: Oil futures keep consolidating in a narrow range this morning but an increase in liquidity is expected after the OPEC meeting on Friday. The traded volume at NYMEX is about on average at this time of day. Investors are waiting for the European market and forex markets to open and for the economic indicators that are on the agenda today. They are also looking ahead to the results of the OPEC's meeting.

Houston (ex-wharf indications 8-6)
380cst $341
180cst $469
MGO $650

New Orleans (ex-wharf indications 8-6)
380cst $353
180cst $399
MGO $623

Singapore (delivered indications 8-6)

WTI is gaining with +$1.40. Singapore paper is up with +$3.00 for 180cst with +$4.25 for 380cst for Jun, and for Jul 180 cst +$3.35 and 380cst with +$5.00 with MGO contracts Jun gaining with +$1.07 and in Jul with +$1.03. The cargo market is bearish with 180cst -$10.52, 380cst with -$9.04 and MGO up with -$1.61.

380cst $351
180cst $365
MGO $553

Fujairah (delivered indications 8-6)

380cst $347
180cst $379
MGO $723

ARA (Amsterdam - Rotterdam - Antwerp)

Indications for delivered bunkers:
380cst : $333
MGO 0.1%S: $558