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U.S. oil prices were lower in European trade this morning, amid speculation weekly supply data due later in the session will show U.S. crude inventories rose at a faster pace than expected last week.

Market fundamentals and the technical constellation were neutral on Tuesday morning. Whilst disappointing economic data and the large number of oil tankers waiting near the ports in the ARA region weighed on oil prices, reports on the OPEC's oil production having declined in February slightly supported. News regarding export losses from Iraq and Nigeria also bolstered prices. Around noon oil futures tended to the upside, reaching fresh highs. When the NYMEX Gasoline contract slumped, however, pushed further down by a technical selling signal, oil futures in London and New York erased earlier gains in no time, dropping below short-term supports. Afternoon trade was rather volatile, the more so as executives of the Russian oil sector and members of the country's government met in Moscow. After this meeting, Russia's energy minister, Alexander Novak, delivered a statement, according to which the countries prone to freeze output at January levels wouldn't need Iran to find an agreement. Like so often in the past few days, his remarks fostered oil futures. In the evening, oil prices climbed back up to the highs posted in the early afternoon. After the release of the API's report on US oil inventories, oil futures renewedly shed some of their gains, though.

ICE Gasoil contract for March delivery settled at 323.00 USD on Tuesday, this was 1.50 USD below Monday's settlement. With some 41,700 deals, the traded volume (front month) was below average.

Nymex above average: After the price drop caused by the API's data Tuesday night, oil futures are still struggling to find direction in early electronic trading this morning. The traded volume at NYMEX is above average this morning. Market players are now waiting for the European financial and forex markets to open as well as for the release of some economic indicators. Moreover, the DOE will release its data on US petroleum stockpiles this afternoon at 4.30 p.m.

U.S.

Nymex above average: Oil futures tested Monday's highs in early electronic trading this morning, extending Monday's gains. The traded volume at NYMEX is far above average this morning. Market participants are now waiting for the European financial and forex markets to open as well as for the release of some economic indicators. Besides, the API will release its data on US petroleum stockpiles this evening at 10.30 p.m.

Houston (ex-wharf indications 2-3)
380cst $143
180cst $284
MGO $344

New Orleans (ex-wharf indications 2-3)
380cst $151
180cst $194
MGO $329

Singapore(delivered indications 2-3)

Brent is losing with -$0.23 for Apr contracts. Singapore paper is down with -$2.30 for 180cst with -$2.50 for 380cst for Mar, and for Apr 180cst -$2.40 and 380cst with -$2.75 with MGO contracts Mar with +$0.05 and in Apr with +$0.09 .The cargo market is up with 180cst +$10.08, 380cst with +$11.50 and MGO with +$1.88.

380cst $159
180cst $168
MGO $298

Fujairah(delivered indications 2-3)

380cst $158
180cst $177
MGO $420

ARA(Amsterdam - Rotterdam - Antwerp)

Indications for delivered bunkers:
380cst : $151
MGO 0.1%S: $309