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Brent crude stayed above $111 per barrel this moring as optimism coursed through financial markets after Greece's international lenders reached a deal on a new debt target, although worries about a looming U.S. fiscal crisis kept a lid on gains.

The traded volume remained remained low at ICE and NYMEX on the first day after the weekend of Thanksgiving. Many market participants only consolidated their positions avoiding to take any risks. Operators at financial markets waited for new clues. Those remained scarce,however, and so there were no larger fluctuations yesterday event though investors tended to take some profit. The slightly disappointing economic data out of Germany and the USA might possibly have prompted investors to do so. However, analysts think that oil futures dips have rather been a technical counter-reaction on their surge on Friday evening. In late afternoon trade, there were some automatically triggered stopp-loss orders but the Brent's mid-term support at 110.30 dollars remained stable. Thus, quotations have remained within their technical range. Experts only expect more downward slack and larger technical selling orders if this support is breached. After oil futures had slightly bounced off their supports they were able to trim their losses but still settled lower than the day before.

ICE Gasoil contract for December delivery settled at 948.00 dollars on Monday. This was 3.75 dollars below Friday's settlement. With some 32,100 deals the traded volume was far.

The stochastic indicator is slightly bullish at crude oil charts, whereas it can be seen as rather bearish for the Gasoil. Markets remain largely overbought but clues that might indicate a clear direction are still lacking. Given the differing signals, we assess the technical situation as neutral this morning. The Brent's stable mid-term support which did not give in to the technical selling orders yesterday, is likely to be a key-support today, too. More significant downward potential is only likely to develop if the Brent falls below 110.70 dollars. Resistance lines are already at 111.75 dollars for the Brent and at 88.80 dollars for the WTI crude, however.

U.S.

Nymex Access bullish: Oil prices have edged higher in East-Asia and on Globex electronic trading platform this morning bolstered by the new financial aids for Greece, the slightly stronger euro and some gains at Asian stock exchanges. The traded volume is slightly below average. Investors now eye the performance of stock and forex marekts today and a couple of economic indicators. Moreover, they are waiting for the release of the API's data on US oil inventories.

Survey of US Petroleum inventories due out tonight at 22:30 (API) and Wednesday at 16:30 (DOE)
Crude oil + 0.9; distillates +0.2; gaoline +1.2 million barrels vs previous week

Houston (ex-wharf indications 26-11)

380cst $613
180cst $680
MGO $1020

New Orleans (ex-wharf indications 26-11)

380cst $625
180cst $663
MGO $1010

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

The Singapore markets were up $5.0 during the morning Platts window tracking stronger crude movements. The 380cst cargo premiums saw some support. Current delivered bunker premiums remain weak, seen around $1.75-2.00 above cargo prices. This morning the markets are trading higher.

High premiums for prompt deliveries.
380 cst $617
180 cst $628
MDO $940

ARA (Amsterdam - Rotterdam - Antwerp)

Operational activity in the main ports remained subdued and continuously reported problems with hsfo and lsfo deliveries due to operational delays at loading installations. In Antwerp and Flushing shortage of HSFO is reported.

Indications for delivered bunkers:
380cst : $ 594
(1.0 %) :$ 625
180cst: $ 624
(1.0 %):$ 655
MGO 0.1%S: $ 945