Weekly Lubricant Report: Market Factors in Conflict Amid Contradictory News

Due to the release of positive news about China’s economic situation and the cessation of Iraq’s oil exports; Brent oil prices rose to around $79, but there is still a lot of resistance to higher oil prices.

The risk of recession and economic crisis in the world and recession is a big factor for the reduction of oil prices.

In general, the market factors are not in the same direction and there is much contradictory news in the market.

 On Monday, March 27, fuel opened with a positive dollar compared to the previous week. Also, India may increase the price of its oil products by 20 dollars on April 1.

Iran is still in the New Year holidays and no serious offers are being made at the moment. Also, the dollar exchange rate in Iran fluctuates a lot and has a great impact on prices.

The Bandar Abbas FOB price of recycled base oil  is 740-750 dollars; paraffin wax is 900-950 dollars and the price of caustic soda is 660-680 dollars.

This article was prepared by Mozhdeh Darbandizadeh, the Account Manager of Infinity Galaxy (www.infinitygalaxy.org).