Weekly Oil Report: Complexity Rising at the End of 2024

On Friday, Brent oil closed at $79.10 and WTI settled around $74.34.Watch crude technical analysis and comment your ideas:

November closed lower and recorded the second falling month of oil. The purchasing power is weak and it is trapped between a quarterly and a monthly pivot. Usually, the market doesn’t have significant growth in the last month of the year so it might fluctuate sideways.

OPEC meeting didn’t impress oil market by continuing the voluntary cut for 2024. “The market reaction implies disbelief in the full efficacy of the cuts,” a JP Morgan analyst said. The cartel also announced Brazil joining as a member in 2024.

Fed Chair speech and the new drop in US Government bond yield, on the other hand, affected the market on Friday. traders expect another fall in interest rate in March. Gold also closed above 2K for the first time and it can be a sign of higher prices coming.

Demand didn’t have much changes but there are hopes that China’s helping plans work out to improve the economy. The energy consumption of Europe may also change as it faces a sudden cold snap with heavy snowfall in many areas.

The temporary ceasefire between Israel and Hamas was stopped on Friday by a new attack bringing more tension to the Middle East.

Bitumen is also facing a complex situation like crude. Although demand is flowing in the market, traders have low target prices that are not feasible. Meanwhile, vacuum bottom in Iran had good competition after one month. At the same time, India decreased the prices while Bahrain and some other producers kept the rates unchanged.

If you need bitumen, contact me for the exact price.