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Oil prices pushed higher in Europe trade on Tuesday, after China's fourth quarter growth met expectations and sparked hopes for more stimulus.

At the weekend the IAEA confirmed that Iran had fulfilled all requirements from the nuclear accord and that the sanctions against the country could be lifted immediately. Consequently, oil prices retreated at the open on Monday, with Brent dropping below 28 USD. Since this development had already loomed at the end of last week, oil futures didn't generate any further downward potential. Moreover, many US traders were absent on Monday as NYMEX floor trade remained closed due to the Martin Luther King Day. Around noon, oil futures were dominated by short-covering even though market players avoided to actively raising their long-positions against the backdrop of Iranian crude oil returning to the market soon. Nonetheless, the lowest price levels since 2003 prompted investors to cover their short-positions. In the afternoon and in the course of the evening oil futures eventually consolidated above their low, settling with small gains.

ICE Gasoil contract for February delivery settled at 271.75 USD on Monday, this is 7.00 USD below Friday's settlement. With some 51,300 deals, the traded volume (front month) was slightly below average.

The lines of the Stochastic indicator crossed at the Brent and the Gasoil chart this morning. The indicator is thus giving a buying signal. At the WTI chart, the indicator is also pointing to a bullish signal but the lines of the indicator haven't crossed clearly enough yet. If the buying signals at the Brent and Gasoil charts are confirmed at the WTI chart, technical bull pressure will increase. The technical constellation is thus neutral to bullish this morning, with the considerably oversold situation favouring short-coverings. Volatily might increase today as US traders are coming back from the long weekend and market players are preparing for the change in the WTI front month on Wednesday.

U.S.

Nymex above average: Oil futures at ICE and NYMEX gained ground in Asian trading this morning, despite disappointing economic data. The traded volume at NYMEX is far above average this morning. Market players are waiting for the European financial and forex markets to open. Moreover, they are eying the economic indicators due today, as well as the IEA's monthly energy report and the API's data on US oil inventories.

Houston (ex-wharf indications 19-1)
380cst $116
180cst $185
MGO $333

New Orleans (ex-wharf indications 19-1)
380cst $134
180cst $191
MGO $336

Singapore (delivered indications 19-1)

Brent is up with +$0.67 for March contracts. Singapore paper bearish with -$1.25 for 180cst with -$1.00 for 380cst for Jan, and for Feb 180 cst -$0.75 and 380cst with -$1.20 with MGO contracts Jan with +$0.87 and in Feb with +$0.87 .The cargo market is bearish with 180cst -$4.13, 380cst with -$4.93 and MGO with -$1.97.

380cst $148
180cst $155
MGO $275

Fujairah (delivered indications 19-1)

380cst $138
180cst $149
MGO $468

ARA (Amsterdam - Rotterdam - Antwerp)

Indications for delivered bunkers:
380cst : $113
MGO 0.1%S: $253