---

Crude oil futures were trading mixed in London Monday morning and remain heavily influenced by broad economic developments that could have implications for future demand.At 1015 GMT, the front-month January Brent contract on London's ICE futures exchange is up 14 cents at $111.37 a barrel. The front-month January light, sweet crude contract on the New York Mercantile Exchange is trading 11 cents at $88.80 a barrel.

Oil prices traded lower Friday morning, extending Thursday's late losses and hitting first support lines early. The strong euro vs dollar and the good performance of European equities lending support, the lines proved strong and, as a consequence, oil rebounded also helped up by optimism that US lawmakers would find a consens in budget talks. Resistance lines were breached during NYMEX session but ICE futures failed to hit Thursday's highs at 111,30 dollars (Brent) and 953,00 dollars (G.Oil). Due to a lack of fundamental news market participants eyed the release of a couple of US indicators in the afternoon. Even though the data were mixed, WTI crude remained supported in a rather thin trade. Helped up by a combination of positive Chinese indicators, ICE futures rebounded in Asian trading.

ICE Gasoil contract for December delivery settled at 950.25 dollars on Friday. This was 1.50 dollars above Thursday's settlement. With some 29,245 deals the traded volume was well below average.

Analysts with investment bank JP Morgan revise upwards their 2013 crude-oil price outlook, on a combination of revisions to historical data, higher demand forecast and inventories in non-OECD economies. The bank revises its 2nd quarter 2013 outlook for Brent crude upwards by 3 dollars to 108 dollars for a barrel and its 4rth quarter forecast by 5 dollars to 120 dollars a barrel. Besides non-OPEC supply remains challenged outside of North America, contributing to a 200,000 barrels a day downward adjustment.

The Stochastic indicator keeps giving a buying signal at ICE and NYMEX charts while the RSI is at the neutral level. The futures are not yet overbought so that technical analysts are rather bullish this morning, even though oil's upside is limited and strong medium-term resistance is seen at about 89,80 dollars (WTI) and 112,70 dollars (Brent), limiting gains and signalling a rather lateral movement in morning trading.

U.S.

Nymex Access slightly bullish: Oil prices edged higher in East-Asia but lost ground gained earlier on Globex electronic trading platform this morning. The early support that was lent by some encouraging Chinese indicators and rising tensions in the Middle East has evapourated. The traded volume is little above average. Market players eye the performance of stock and forex markets today as well as few European and US economic indicators.

Houston (ex-wharf indications 03-12)

380cst $611
180cst $676
MGO $1040

New Orleans (ex-wharf indications 03-12)
380cst $637
180cst $673
MGO $1045

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

The Singapore markets inched up marginally $0.5-1.0 during the morning Platts window last Friday. The Singapore heavy residual inventory reported a slight build of +0.31 mbbl to 22.52 mbbl. The delivered bunker premiums were around $3.5 above cargo prices. Bunker fuel oil swaps gained app.$1.5/mt along the curve both for Singapore papers. This morning the markets are trading slightly higher.

High premiums for prompt deliveries.
380 cst $607
180 cst $615
MDO $944

Fujairah (delivered indications 03-12)

380cst $610
180cst $630
MGO $1020

ARA (Amsterdam - Rotterdam - Antwerp)

Rotterdam continued with slow demand today which is not a bad thing with some difficulties with bunker deliveries due to ongoing delays some loading installations, Antwerp continued to run low of high sulfur fuel oil due to shortages of blending components, sources said. Avails in Rotterdam are not much better either [in terms of HSFO availability], some are not quoting until December 5.

Indications for delivered bunkers:
380cst : $ 586
(1.0 %) :$ 623
180cst: $ 616
(1.0 %):$ 653
MGO 0.1%S: $ 945