Weekly Reports: Get updated about Bitumen Market

Weekly Bitumen Report: Opposite Expectations of Importers and Exporters

On July 12, oil price increased in the deals of Wednesday when there were expectations about the fall of demand from the biggest oil exporters in the world as an increasing factor and the worries about global economic weaknesses that lead to the fall in demand.Suvro Sarkar, the energy senior vice president of DBS Bank...

Weekly Oil Report: Sudden Bullishness Took Over

On July 7, Brent oil closed at $78.24 and WTI settled around $73.65. Oil left a bullish candle at the end of the week and it is spreading more positive sentiments. The daily candle shows stronger movement compared to the last several tries but still can’t be sure if the price has broken through the...

Weekly Bitumen Report: The Gradual Uptrend of Iran Bitumen Price

After 15 years, Iran officially became a member of the Shanghai Cooperation Organization in the last week. The overall GDP of its members is 23 trillion and 307 billion dollars, which is 24.2% of the global GDP. Besides, the population of its country members is 3 billion and 330 million people, equal to 42% of...

Weekly Oil Report: June Ends with a Growth After Seven Months of Consecutive Decline

After 7 months of bad luck for oil, June finally closed with 4% of growth. On July 3, Brent oil closed at $75.10 and WTI settled around $70.39. Technically, oil has not recorded any lower low since March 20. The price is making an apex while moving sideways. The purchasing power will probably push the...

Weekly Bitumen Report: Stable Days in the Market Continues

During the last week, the world observed various incidents whose impacts should be investigated in long-term.The first and most important event was the travel of Mr. Narendra Modi, India’s prime minister, to Washington. The developments in the relation between Iran and UAE, and most probably Bahrain, in the region was another significant happening. The last...

Weekly Oil Report: Fears of Economic Slowdown Surpassed Supply Difficulties

On June 23, Brent oil closed around $74.34 and WTI settled at $69.47. https://youtu.be/hRL-3Oz7wjQ Things got ugly on Thursday for oil, making it to give up all the week’s gains. The daily Friday candle shows a drawback by the market. Zooming in on the timeframe, the price is at a critical point on the 50%...

Weekly Bitumen Report: Market's Stillness

The European Central Bank announced the continuation of interest rates in the Euro area while 1 day before it, the US Federal Reserve stopped the uptrend of interest rates for the first time since March 2022. Thus, the base interest rate in the Euro area reached 3.5% which is the highest rate in the last...

Weekly Oil Report: Back and Forth Motion Continues in Crude

Prices got stimulated by the positive data of Chinese refineries. But the market is still stagnated by fear and uncertainty. On June 16, Brent oil closed around $76.26 and WTI settled at $71.60. https://youtu.be/xUlLLxv7Oso Watch Technical Analysis of Crude Oil + Bitumen News The price was down and then up in the sideways channel to...

Weekly Bitumen Report: The Consolidation of Interest Rate in the USA and its Effects on Market 

While the Federal Reserve of the USA was constantly increasing the interest rate during the last year, on Wednesday 14 June and in their latest meeting, they announced that there would not be any increase in their interest rate. To control inflation, the bank increased its interest rates 10 times since March 2022.  In the...

Weekly Oil Report: Quiet Global Market vs Iran’s Increasing Possibility

The slight stability of crude helped to make petrochemical prices more attractive for traders. On June 9, Brent oil closed around $74.94 and WTI settled above $70.29. The price moved in the expected range and it didn’t have any noticeable change. Obviously, Brent couldn’t break through 78 even on the third attempt. The weakness is...