Weekly Oil Report: Dark Shadow Stays Despite Possibilities of Growth

The week was full of surprises and oil continued to come lower. Bitumen traders had orders coming despite the moderate fall. Brent closed at $86.71 and WTI settled at 79.30 on Friday. [embed]https://youtu.be/hI4d-XqZ0JI[/embed] You can see how the price is still trapped in the marked area. In the daily chart, there is a slight weakness, making a chance for weekly growth. But the overall weakness is visible in the weekly timeframe. Bulls of oil believe that new risks of Russia’s threats and China's return make a new hike in price. While bears stick with economic fears supported by a new decision of central banks and the fragile production cycle. China Bitumen futures have recently fallen for December. Iran's vacuum bottom also decreased by 16% on 24 Dec. Singapore fuel price fell by 11 to 15 dollars on Friday. India might decrease bitumen price on the first of October as well. Unrest in Iran has been spreading and Internet has been highly restricted. Traders have been struggling to communicate with clients since. They are trying to prevent any breakdown in the export procedure Currently, Iran's new steel drum is in the range of $375 - $385. Singapore bulk was $550 - $555, south Korea 60/80 was $490-500 and Bahrain stayed unchanged at $440-$445 on Friday, 16 September.