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Crude oil prices fell in early Asia this morning as an OPEC meeting this week is unlikely to reach agreement on trimming production.

Oil futures at ICE and NYMEX started weak on Monday morning but weren't able to breach short-term supports sustainably at the Brent and the WTI chart until midday. Market players were waiting for the result of nuclear negotiations between the 5+1 group and the Iran in Vienna. It has already been clear that nuclear negotiations won't achieve an agreement which was confirmed in the afternoon. They postponed the deadline for this negotiation to July 2015 without new concessions concerning Iranian oil exports. Brent breached its 80.00 USD key support in the short-term but futures increased again in afternoon trading returning to their first supports. Oil futures were able to recover due to the news that indicated that Russia would be ready to cut its production by about 0.3 mbpd. But in the course of the evening bearish influences predominated. The doubts stay that the OPEC will adopt significant measures on Thursday to reduce global oversupply. That's why futures finally settled lower near fresh day lows in London and New York.

ICE Gasoil contract for December delivery settled at 706.75 USD on Monday, this is 2.50 USD above Friday's settlement. With some 42,800 deals the traded volume (front month) was below average.

The stochastic indicator's lines at the Brent and WTI chart crossed this morning triggering a fresh selling signal. The lines at the Gasoil chart converge again but will only trigger a signal if they also cross sustainably. Meanwhile, the RSI lost its slightly bullish influence and marks in the neutral zone between the 30 and the 70 line at ICE and NYMEX. Brent dropped again below its important psychological support at 80.00 USD triggering new downside but the short-term correction trends weren't breached sustainably yet and the GD 7 builds an additional support area at Gasoil, Brent and WTI. Technical analysis speaks for a downside test at the moment due to the formal selling signals of the stochastic indicator at the Brent and the WTI chart. Therefore, we consider the technical constellation as neutral to bearish this morning.

U.S.

Nymex below avarage: Futures are trading still near their Monday's day lows and consolidate without direction due to the lack in news this morning. The traded volume at NYMEX is slightly below average at this time of the day. Market players are waiting for the European financial and the forex markets to open and will eye the situation in the geopolitical hotspots today. There is no relevant news on the agenda today.

Houston (ex-wharf indications 25-11)
380cst $421
180cst $516
MGO $813

New Orleans (ex-wharf indications 25-11)
380cst $447
180cst $503
MGO $814

Singapore (delivered indications 25-11)

WTI is losing with -$1.13 Singapore paper is down with -$8.05 for 180cst with -$8.75 for 380cst for Dec, and for Jan 180 cst -$7.70 and 380cst with -$7.75 with MGO contracts Dec bearish with -$0.78 and in Jan with -$0.77. The cargo market is gaining with 180cst +$7.37, 380cst with +$6.22 and MGO with +$0.84.

380cst $478
180cst $494
MGO $722

Fujairah (delivered indications 25-11)

380cst $462
180cst $502
MGO $917

ARA (Amsterdam - Rotterdam - Antwerp)

Indications for delivered bunkers:
380cst : $432
(1.0 %) : $442
MGO 0.1%S: $698