Weekly Oil Report: All Waiting for More Certainty

This week, oil dropped by about 4% as dollar and US inventory climbed but petroleum products did not retreat as crude.

Brent closed at 82.97 and WTI settled at 76.55 on Friday, Feb 17.

The third drive of the price is slower than the last two drives. This time the price could not even go to the top of the channel before falling. The candle of Friday, however, left a long shadow which can be taken as a sign of a moderate increase in the coming week. The price is still in the defined channel and we should see whether it completes the third drive or it fails sooner.

The sudden decrease in crude during the week can be attributed to the increase in dollar and the US oil inventories. The Fed is still hawkish on the interest rate too. With the dollar getting stronger, the oil can even fall further.

According to JP Morgan, crude oil is unlikely to hit $ 100 in 2023.

Singapore’s bitumen price increased along with Korea and the Mediterranean last week. Bahrain’s market has been steady.

Despite all the competition on the vacuum bottom and the increase of dollar against Rial, the price stayed unchanged. Iran might increase the price of the vacuum bottom in the coming days.

Below, you can check several bitumen prices in different regions.