Weekly Bitumen Report: Flourishing Markets Waiting Ahead

Crude oil dominantly ran the market forward during the week. As it was mentioned by Infinity Galaxy on Monday, crude oil fell down to $68 per barrel, but in the next few days, it touched the level of $75 again. This growing trend seems to continue for the time being. By the beginning of the Persian new month, the latest prices of Vacuum Bottom was announced. As was expected and also predicted in the last Friday report of Infinity Galaxy, no significant change was observed. It only dropped by one US dollar. Generally, the market passed a quiet week that can be as a result of almost stable ranges of exchange rates and low competitions in the main refineries of Tehran Tabriz, Isfahan, and etc. The presidential inauguration ceremony of Iran’s newly elected president, Mr Raisi, will be held on August 5, 2021. It seems buyers are waiting to observe the markets trends and their changes after his appointment. The new variants of COVID that are breaking out in the different regions of the world are raising fears of new lockdowns but it seems the countries are no longer able to run their economies easily. Therefore, their commodity markets are moving forward. As it is heard from the Indian traders and importers, the IOCL is planning to increase bitumen price up to about 10-12 US dollars and buyers are planning to place the new orders to receive the cargo in their warehouses by the end of the monsoon. Generally, the determining factors of markets trends suggest a dynamic market in the coming days.   [button title="check the IOCL bitumen price" link="https://infinitygalaxy.org/wp/bitumen-price-today/" target="" align="center" icon="" icon_position="" color="" font_color="" size="2" full_width="" class="" download="" rel=""]