Weekly Oil Report: Bullish Sentiment Takes Control

Despite all the uncertainty, bullish sentiment could take over the market and push the prices higher.

On April 14, Brent oil closed around $86.39 and WTI settled above $82.64.

Technically, crude oil is struggling with strong historical resistance. As it is shown on the chart, this region pushed back the price two times. Currently, the sentiment of the market is bullish due to the restriction of supply by the OPEC and expectation of a demand increase in China. Whether this bullish sentiment is strong enough to drive the price through the resistance or not, one should observe the candles closely.

China’s soaring demand has been effectively stimulating the market in the last couple of weeks. As the travelling restrictions fade in China, fuel and oil consumption rise. According to data from the General Administration of Customs, the country imported 12.3 million barrels per day (bpd) in March 2023. The data also shows that the import/consumption is growing every month.

The bullish sentiment motivated the bitumen market in various regions. In Europe, the price rose above $ 400. India increased the price by $ 16.5 on April 15. Iran’s hot competition over VB continued which resulted in higher prices. Yet, Singapore and Korea fluctuated in the former price ranges.

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