In a medium saucepan, heat the oil. Add the shallot, garlic and fennel and cook over moderate heat, stirring, until softened, 3 minutes. Add 1/3 cup of water, the cranberries, sugar, vinegar and mustards and bring to a boil. Simmer over moderately high heat, stirring occasionally, until the cranberries are coated in a thick sauce, about 7 minutes. Season with salt and pepper. Scrape into a bowl and let cool; serve.