Weekly Oil Report: Rising Trend Continues In Petroleum Products

On Sep 22, Brent oil closed around $92.19 and WTI settled at $90.29. Watch crude technical analysis and comment your ideas:

When the price touched the 38% fib level, traders started profit-taking. This led to a 2% price correction that can continue to 90. The bullish sentiment has not worn off but it is shaken with renewed economic concerns.

Fed talks and Russia’s ban on fuel export were the two most effective factors of the week. Russia suddenly announced the decision to halt gasoline and diesel exports. It immediately sent oil futures 5% higher. The news could fire the oil market but the Fed meeting diminished the consequences. In the FOMC meeting, the Federal Reserve declared their intention to keep the interest rate unchanged which caused a stronger dollar last week.

Affected by the slight fallback of oil, bitumen prices in Europe retreated. Meanwhile, prices in Iran, Singapore, and South Korea increased.

The market awaits more price growth in Iran with the announcement of new vacuum bottom rates this week.

If you need bitumen, be in touch with me.