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Oil futures traded with a downward tendency during morning trade, according to the slightly bearish technical analysis. The strong dollar and retreating equities also encouraged investors to take some profit. As of yet, the first lines of support - like the support of the ICE Gasoil at 951.00 dollars - have proved strong, limiting the leeway down. Shoud oil futures breach supports in the course of the day, however, technical selling is to be expected, analysts say. Market players now focus on the opening of US markets and US economic data, to be published in the afternoon.

Oil futures at ICE and NYMEX traded slightly lower on Friday morning. The then strong Euro still limited profit taking however. On Thursday, oil futures had rallied after the announcement of the measures that should be taken to tackle the Euro zone's debt crisis. On Friday, however, investors seized the high level of oil prices to take some profit and reduce riskier positions ahead of the weekend, analysts say. The euphoria that existed after the EU's summit has slightly ebbed off. According to market players, the details and the implementation of the measures were what counts now. Thus, in the course of Friday's session, oil prices successively retreated, breaching some short term supports. Only the WTI Crude showed some corrections upward in the afternoon and in the evening, reducing the spread to the Brent at ICE to less than 17dollars.

OPEC: The IEA does not want OPEC to cut output at their next meeting in December as demand for the group's oil will be half a million barrels per day more in 2012 than it pumped last month, a top IEA official said today. Gulf Arab oil producers raised oil supply this year to compensate for the loss of output from Libya. Libya's output is currently recovering, but the IEA sees no need for the producer's group to cut back.

ICE Gasoil contract for November delivery settled at 962.25 dollars on Friday. This was 7.50 dollars below Thursday's settlement. With some 49,600 contracts the traded volume was slightly below average.

The stochastic indicator already gives market players some selling signals at ICE and NYMEX this morning. Although the RSI at the ICE is in a neutral zone, it crosses the 70% - line and therefore is to be interpreted bearish. Thus, technical analysts expect some profit taking and renewed tests of supports today. The WTI crude is supported at 92.10 dollars today, its first resistance is seen at 93.95 dollars. The Brent's first resistance is seen at 111.75 dollars, its first support is at 108.25 dollars.

U.S.

Nymex Access slowing: Oil prices retreat during East Asia and Globex electonic trade this morning. Oil prices trade with a soft tendency reacting on the strong dollar, which has gained considerable ground against most currencies. Thus, dollar-noted oil has become more expensive for investors outside the USA. The traded volume is slightly above average.

Houston (ex-wharf indications 28-10)

380cst $653
180cst $705
MGO $983

Very tight avails for 180 cst

New Orleans (ex-wharf indications 28-10)

380cst $656
180cst $707
MGO $986

Singapore (correct as of 1430hrs LT - delivered indications)

Crude is easing after last week's bullishnes, losing with WTI -$0.70 Singapore paper is mirroring crude. dropping with -$14.25 for 180cst and -$14.20 for 380cst for Nov, and for Dec 180 cst -$14.75 and 380cst -$14.40 with MGO Nov contracts at -$1.85 and for Dec at -$1.90. The cargo market is jumping back up, gaining with 180cst +$9.91, 380cst +$9.77 and MGO +$1.70.

High premiums for prompt deliveries.

380 cst $690
180 cst $699
MDO $948

ARA (Amsterdam - Rotterdam - Antwerp)

The Northwest European bunker market saw limited trading activity Friday as buyers remained hesistant to fix their deals on weaker Fob Rotterdam barges, which tracked a $1.5/brl fall in Brent crude from Thursday's settle. High sulfur fule oil prices in Rotterdam softened $7/mt after a spike of $13/mt Thursday afternoon on escalating oil prices in the afternoon. Despite waker Fob Rotterdam barges, bunker prices for prompt inquiries remained strong on ongoing shortages and congestion at loading installations in the port.

Rotterdam

Indications for delivered bunkers:

380cst : $ 638
(1.0 %) :$ 656
180cst: $ 658
(1.0 %):$ 675
MGO 0.1%S: $ 961