Weekly Oil Report: Confusion in Market Direction

The sudden jump of the crude to $ 85 in the first week of the market made many hopeful about a certain rise of oil to 100. Yet, the price sloped down to the former price channel again and proved the jump to be fake.

On the daily chart of Brent, you can see that the price is again in the shown triangle. The third price ride of oil was also unsuccessful to reach the yellow line. The MACD shows weakness in the upward movement too.

Many economic organizations believe that they can see crude oil above $100 in the first half of 2023 but the price and the market sentiment are not confirming this fact much.

The US Federal Reserve has announced a slight reluctance toward increasing the interest rate as sharply as before too. But it is not yet confirmed officially and the market is observing.

The bitumen market in Iran surprisingly recovered by about $ 40 last week since Rial jumped by 20% against the dollar exchange rate. Bahrain’s price might also see growth in the coming weeks.

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