Traders said some market participants were also waiting for the announcement of new official selling prices (OSP) for Middle East crudes due out next week before starting active trade.

Details of what had been offered in India's second December tender were still vague, traders said. In its first tender, Indian Oil Corporation had purchased two Dubai cargoes, two very large crude carriers (VLCC) of Qua Iboe and one VLCC of Escravos.

Discussions in Middle East crude remained general, with potential buyers of Abu Dhabi crude grades aiming to buy cargoes at a slight premium and equity holders trying to sell at a slight premium.One of the first December Murban deals was done at parity to theOSP.

Elsewhere, the October price of Indonesia's main Minas crude oil was calculated at $12.68. up 85 cents from September.In Singapore,oil product swaps lost some ground last week following overnight crude losses, traders said."The market is down a bit this morning because of crude. Nothing else has changed, but it is pretty quiet out there. It could go back up in the afternoon," one trader said.

He said the market could regain early losses later in the day as there were signs of physical support which could easily seep into the paper market.Overnight December Brent closed down 11 cents at $13.08 in London. November gasoil was last quoted down 30 from last Thursday at $15.15/$15.25, brokers said.

They said the heavy falls were in contrast to the steady physical market on last Thursday, when the buy/sell levels were in line with the previous traded levels.Two physical deals were done mid-week at $15.20 and $15.25 per barrel, pushing up the gasoil floor level from last week's trades at around$14.50.Traders said the market's steady slide was halted by last week's news of a bumper purchase by Indonesia totalling around four billion barrels for November delivery.

The regrade swap values were steady after Thursday's 80-cent fall when the market realised that there was little buying interest for November barrels. November regrade was quoted unchanged from last Thursday at $1.25/$1.50, brokers said.

Traders said a slight rebound later in the day was likely as the market corrected Thursday's excesses. Fuel oil also edged down with the lower crude, traders said. November swaps were quoted $78.25/$78.75 per tonne, down about 50 cents from last Thursday, brokers said.