Weekly Oil Report: Back Above $80 By the OPEC Supply Cut

OPEC stimulated the market by continuing the cuts for April. But is it going to last?

Brent oil closed around $79.73 and WTI settled above $75.65 on March 31.

The oil price could get closer to the psychological resistance zone at $ 80 since Thursday. On Monday, the price opened by a nearly 5% gap during the Asian session. The sudden rush of demand can be taken as a result of OPEC’s voluntary cut in the coming months, which some believe is a mistake.

The current purchasing power; however, is showing a weakness compared to the last price peak. It can be a sign for being at the end of the consolidation and the beginning of another fall. The gap may be covered in the coming days again but according to the complex situation of the market, surprises can arise too.

Iran started the bitumen market officially on April 3, as the new year’s holidays are over.

India increased the price by $ 20 and Bahrain raised the prices by $ 30. Traders should also expect a rise in Singapore bitumen, since oil has increased and the market is expecting a rising movement.

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