Weekly Oil Report: Mixed Sentiments of the Market

Slightly Growing up, crude made many optimistic toward increase continuation. Technically, charts are still weak for turning up. Fundamentally, the market is in a mixed condition.

On Friday, Brent closed at $97.84 and WTI closed at $91.87.

On the Weekly chart of WTI, last week’s growth was not much promising against the prior fall of crude. You can see how the price broke through the bottom trendline and it is now struggling in the region.

On the news world oil, the market had a tough week. There were both positive and negative signs for the price dividing the market participants into two groups opposing each other about the rise or fall of oil.

First, Iran’s Nuke talks become more probable to succeed. Therefore, Dollar is about to depreciate against Rial.

On day 169 of the Ukraine war, Ukrainians seem to have new accomplishments in Crimea. What changes happen after these new attacks will be exposed after a couple of weeks.

There are talks about a conspiracy by the US on oil demand which believes the country is declaring the demand much lower than reality intentionally, only to decrease the price. There is no valid evidence on the claim.

HSFO prices are increasing and bitumen is getting more attractive to traders.

By getting to the end of Monsoon, requests for bitumen are rising since projects are about to begin.

In Iran, there are expectations of a bitumen price increase. Considering the situation of crude and uncertainties, India might also reconsider the amount of coming decline.

Iran FOB Bandar Abbas is now in the range of $400 – $410. Singapore bulk bitumen was $577 – $581 on 12 August and South Korea 60/80 was $518 – $522.