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Oil held above $113 a barrel ths morning as Chinese economic data signaled stabilisation in the economy of the world's second-largest oil consumer while concern over supplies in the Middle East provided support. China's economy grew 7.4 percent in the third quarter from a year ago, in line with forecasts, while industrial production, retail sales and investment data were all slightly ahead of expectations. Brent crude for December delivery was up 11 cents at $113.33 a barrel by 1030 GMT, after settling 78 cents lower. U.S. oil for November was down by 9 cents to $92.03.

After the predominately bearish API data on US oil inventories, published Tuesday night, oil futures edged higher again on Wednesday morning particularly profiting from steady equities and the euro. Market participants were eyeing the DOE's data and so the better-than-forecast figures regarding the US housing market, which were released Wednesday afternoon, only moderately supported oil prices. When the DOE's data were released at 4.30 p.m., market players took some profit. In a first reaction on the data that showed builds in crude oil and gasoline stocks investors cut their long positions. The data also contained some bullish components, however. Thus the downward movement remained limited and particularly ICE G.Oil and NYMEX Heating Oil traded steadier in the evening, even settling with some gains, as the figures of distillate stocks were fare lower than expected. Brent and WTI, but above all NYMEX Gasoline futures were unable to recover after the profit taking.

ICE Gasoil contract for November delivery settled at 996.75 dollars on Wednesday. This was 6.50 dollars below Tuesday's settlement. With some 71,300 deals the traded volume was well above average.

At ICE charts the stochastic indicator is currently still slightly bearish, whereas the indicator is neutral for the WTI. The overbought market situation has slightly eased and so technical selling pressure has decreased. Technical analysts estimates the situation as neutral highlighting investors' indecision. This has been reflected in the market, as oil futures not show any clear direction in the past few days.

U.S.

Nymex access bullish: Oil prices have seen an upward correction in East-Asia and Globex electronic trading this morning, as the bullish components of the DOE's data came through and Chinese economic indicators supported Asian equities and thus oil markets. The traded volume is on average. Investors now eye the performance of stock and forex markets today as well as some economic indicators.

DOE; Crude oil +2.9; distillates -2.2; gasoline +1.7 million barrels vs previous week. Refinery utilization.-0.1%
API's: Crude oil +3.7; distillates +1.8; gasoline -1.2 million barrels vs previous week. Refinery utilization -0.1%.
Forecast: Crude oil +0.9; distillates -0.7; gasoline +0.8 million barrels vs previous week.
Houston (ex-wharf indications 17-10)

380cst $633
180cst $683
MGO $1065

New Orleans (ex-wharf indications 17-10)

380cst $643
180cst $695
MGO $1070

Singapore (correct as per 14:30hrs LT-delivered indications)

Crude is stable with WTI +$0.36. Singapore paper is neutral with -$-.95 for 180cst and -$0.30 for 380cst for Oct, and for Nov 180 cst -$1.50 and 380cst -$0.30 with MGO contracts Oct +$0.02 and Nov +$0.07 The cargo market is bearish with 180 cst -$7.67 380cst -$6.78 and MGO -$0.71.

The Singapore fuel oil markets posted losses in a range of $8.75-3.00 during the morning Platts window yesterday. Demand in the area was reported as below average and avails were fine with earliest deliveries from October 22 onwards. This morning the market is trading slightly higher.

380 cst $642
180 cst $653
MGO $960

ARA (Amsterdam - Rotterdam - Antwerp)

High and low sulfur bunker fuel oil premiums for prompt delivery in Rotterdam could be set to ease by the end of next week as more product flows into the region after the arbitrage fixtures earlier this month that left the bunker market tight. At this moment prompt enquiries are often high in price or no offers what so ever due to tight avails.

Rotterdam

Indications for delivered bunkers:

380cst : $ 620
(1.0 %) :$ 655
180cst: $ 650
(1.0 %):$ 685
MGO 0.1%S: $990