Oil market behaviour in the beginning of 2013 is most likely going to be a repeat of what we saw during the second half of 2012. The range bound nature of the market will continue with Brent crude oil seemingly unable to move much away from USD 111 per barrel, the average price over the past two years. We see the price of Brent crude oil mostly range bound during the first quarter with the 105 to 115 USD/range seeing most if not all of the activity but with the greatest risk skewed to the downside.