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Crude oil prices eased in early Asia this morning as investors took stock of the Federal Reserve decision to hold rates and comments on global economnic weakness.

After oil futures surged on Wednesday on the DOE's data on US oil inventories, the technical constellation was bullish on Thursday morning. Despite the technical buying signals, traders stayed on the sidelines, however, as the Fed was still to announce the results of the FOMC's meeting later in the evening. Investors took some profits from the long-positions they had raised the day before and so oil futures edged lower in the course of the day. WTI lost less ground than the other contracts. The US crude oil contract was still buoyed by the bullish data on US crude oil stocks as well as by a vote regarding the lift of the US export ban on crude oil. In the afternoon, oil futures saw a light upward correction on the better than expected weekly labour market data out of the USA. However, they dropped back down again before the announcement of the Fed's decision on interest rates. After our office hours, the Fed announced that the benchmark interest rate would remain unchanged at a record low. This sent the euro/dollar higher. Oil futures at ICE and NYMEX kept track of the euro's rise as oil is priced in dollars which is why it becomes cheaper for investors outside the USA when the greenback loses ground. Still, there were no larger price jumps as the Fed's decision is also a bearish signal. Even though oil futures pulled back from their lows on Thursday evening, they settled with small losses.

ICE Gasoil contract for October delivery settled at 467.75 USD on Thursday, this is -9.25 USD below Wednesday's settlement. With some 65,800 deals the traded volume (front month) was above average.

The technical constellation is not giving any fresh cues at the moment. The bullish impact of the Stochastic indicator has meanwhile waned at ICE and NYMEX charts. As the lines of the indicator are converging again, it can be interpreted as neutral. The MA 7 and the MA 21 might give bearish cues if they sustainably cross. Currently, there is a short-term triangle at the Brent and the Gasoil chart, though. This technical triangle is limiting the trading range. If Brent or Gasoil broke above or below these triangles, oil futures would find a clear direction. The technical constellation can thus be regarded as neutral for the time being. Investors are now waiting for fresh cues - either the breach of the technical triangles or a crossing of the moving averages.

U.S.

Nymex above average : Oil futures hardly changed in Asian and electronic trade this morning as the bullish and the bearish factors of the Fed's decision on interest rates were offsetting each other. At the beginning of European trading, they have edged lower. The traded volume at NYMEX is slightly above average this morning. Investors are waiting for the European financial and forex markets to open and for some economic indicators that are on the agenda today. They are also looking ahead to the release of the Baker Hughes rig count. This report will only be released late in the evening.

Houston (ex-wharf indications 18-9)
380cst $228
180cst $276
MGO $485

New Orleans (ex-wharf indications 18-9)
380cst $239
180cst $295
MGO $478

Singapore (delivered indications 18-9)

WTI is bullish down -$0.42. Singapore paper is up with -$2.10 for 180cst with -$1.55 for 380cst for Oct, and for Nov 180 cst -$2.10 and 380cst with -$2.45 with MGO contracts Oct losing with -$0.33 and in Nov with -$0.35. The cargo market is bullish with 180cst +$3.96, 380cst with +$7.23 and MGO with +$1.18.

380cst $236
180cst $249
MGO $448

Fujairah (delivered indications 18-9)

380cst $243
180cst $259
MGO $519

ARA (Amsterdam - Rotterdam - Antwerp)

Indications for delivered bunkers:
380cst : $223
MGO 0.1%S: $438