Weekly Oil Report: Complex Condition of Markets

Another plunge of oil by reports on the rebuild of inventories and a hectic market in the Middle East.

Brent closed at 82.81 and WTI settled at 76.42 on Friday, Feb 24.

Crude oil ended Friday close to the end of last week. The price is forming a tense area as it gets closer to the apex. It can have a sudden movement by getting out of each surrounding line. This week, the market can expect a moderate increase to the top of the triangle.

The one-year-old war in Ukraine is still going on. Some political experts believe that the war is far away from the full protentional of the two countries and it can become more severe in the 2nd year.

In Iran, the unprecedented increase of dollar against Rial become the most effective variable in the market. It has caused a sudden rise in costs in production, vacuum bottom, transit, and freights. On Sunday, for the first time, refineries had a hot competition over the basic price of VB for 106%.  Since the Persian New Year is coming, the volatility has caused more tension. Clients should be more cautious about the time of delivery accordingly.

Prices were almost the same in Singapore and the Mediterranean area.

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