Weekly Reports: Get updated about Bitumen Market

Weekly Bitumen Report: Market Anticipating Oil Price Direction

BRICS leaders have reached an agreement to expand the BRICS group by welcoming Iran, Saudi Arabia, the United Arab Emirates, and three other countries. This marks the first expansion of BRICS since South Africa joined in 2010.Narendra Modi, the Prime Minister of India, stated, "I believe that with the entry of these countries, we will...

Weekly Oil Report: Uncertainty Suppressing Bullish Sentiment

On August 18, Brent oil closed at $84.79 and WTI settled around $81.36. Check out the technical analysis. https://youtu.be/0IWjbO7EDIA Selling power took over and oil price came down by about 2% during the week. It was not a surprise to see oil losing gains as we mentioned in the last episode. The price is stalling...

Weekly Bitumen Report: Contradictory Signals in the Market

After 7 increasing weeks in the oil price trend, it faced a drop last week as a result of worries about slow improvements in China’s economy and increase of US dollar value. Tina Teng, the analyst of CMC Markets, believes that due to weak improvements in China’s economy, rise in US dollar value, and its...

Weekly Oil Report: Expectations for Demand Growth in 2023

On August 11, Brent oil closed at $86.55 and WTI settled around $83.01. Watch technical analysis: https://youtu.be/wQLqOEG-sbQ The sensitive price area fueled the excitement about bullish sentiments. However, the price couldn’t pass the 23% fib level resistance in daily and monthly timeframes. In the monthly view, the price is also at a historical resistance. It...

Weekly Bitumen Report: Positive Trends vs. Markets Resistance

By the announcement of Saudi Arabia's decision regarding the extension of voluntary production cut, on August 4, the members of monitoring committee of OPEC and non-OPEC agreement suggested not to make any changes in the current plan of supply cut. On the same day, in addition to Saudi Arabia, Russia announced the extension of its...

Weekly Oil Report: Tight Supply Fueling Bullishness

On August 4, Brent oil closed at $85.99 and WTI settled around $82.59. Watch technical analysis on your YouTube: https://youtu.be/FOWrAfJywfU On Friday, the oil price couldn’t break 86 despite the sturdy growth in the last few days. The power of the current price level is undeniable but there is an interesting happening in the Ichimoku...

Weekly Bitumen Report: The Prediction of Surge in Crude Oil Price

During the last week, gold demand in the central banks of the world dropped at the same time of heavy supply of Turkey Central Bank for the third frequent trimester. In the quarterly report of World Gold Council, it was announced that the net purchase of World Central Banks reached 103 MT in the second...

Weekly Oil Report: Demand Surge Despite Rising Prices

On July 28, Brent oil closed at $84.40 and WTI settled around $80.63. Watch the technical analysis: https://youtu.be/8Snj7PX-uW4 Crude Oil Forecast - 31 July 2023 The bullish sentiment rocketed high due to the tight market and crude surpassed 84 for the first time since April. In fact, oil can leave a strong monthly bullish candle...

Weekly Bitumen Report: A Promising Market in August and September

On July 26, the Federal Reserve of USA increased interest rate to its highest level i.e. 0.25% during the last 22 year to control the inflation and it reached the range of 5.25 - 5.5%.Right now, the inflation of America has decreased for 12 frequent months and now, it is about 3% and its interest...

Weekly Oil Report: Purchase Power Stronger Than Expected

Bullish sentiment is growing stronger despite some economic objections against crude oil. On July 21, Brent oil closed at $80.67 and WTI settled around $76.77. Check out the Technical Analysis: Unlike expectations for a moderate fall from the breakout point, the price grew gradually to 80 after reaching halfway of the anticipated reduction. The purchasing...