Weekly Oil Report: Does Assassination of Hamas Leader Push Prices Higher Again?

On Friday, Brent closed at $77.38 and WTI closed at $74.11. Watch crude oil technical analysis:

July closed with a 4% decline due to diminishing demand from China. On the 4h chart, you can see a double bottom forming a turning point. Fundamentally, rising geopolitical tensions in the Middle East support the possibility of an increase. 

Israel assassinated Hamas Leader, Ismail Haniyeh, in Iran on Wednesday. Markets are worried about the promised suitable response to Israel. This action can bring a new wave of violence to the region. 

While fear of tensions between Israel and Iran increased, demand projections in China held the price back. Reports still show a weak economy in China despite all attempts.

Considering the sudden fall of crude oil, there is a huge pressure on bitumen prices. However, in the last 3 weeks, bitumen trend was the opposite of oil market. Traders are waiting to see if it continues or not. 

Feel free to contact me for any bitumen inquiries. You can also check an estimate of price for your required destination port here.

This article was prepared by Mahnaz Golmohammadian, the export manager of Infinity Galaxy (www.infinitygalaxy.org).