Slow Movements of Recycled Oil Market

The week met volatile and unstable days for dollar and oil products. Prices have been fluctuating recently due to the uncertainty of the market about the pandemic and dollar rate.

Indian refineries raised bitumen and petroleum products prices in February. The hike was about $ 22.9 for bitumen and about $ 4.8 for furnace oil.

Recent reports indicate that rumors about increasing India’s customs duties for oil seem to come true. The government’s agenda shows it will be implemented in the coming days. The increase has worried importers.

As mentioned in Infinity Galaxy’s Friday report, Rial grew stronger compared to the USD nearly 16%. As Rial gained value, bitumen and other petroleum products prices increased in Iran market. In addition to the fluctuating and uncertain price of the dollar in Iran, the rumors about Iran and America negotiation are critical for the traders. In case of returning to the JCPOA, the dollar value will decrease and Iran would be able to sell crude oil. Currently, the situation is unpredictable.

Although many countries have started the vaccination, the rate of the received shots is lower than the pace of the virus spread. A couple of countries have implemented the restriction once again and lockdown is possible. It leads to problems such as raw material shortages in the recycled oil market.

Despite new events and price fluctuations, the market has just got out of stagnation, and a new wave of demand is rising. It seems that suppliers and importers currently prefer to continue to operate cautiously instead of ceasing all trades.