Weekly Oil Report: Entanglement of Political and Economic Factors

On Friday, Brent oil closed at $85.12 and WTI settled around $80.83. Watch crude technical analysis and comment your ideas:

Another fall in the price is bringing more uncertainties for traders but it hasn’t broken the previous lows yet. This is actually making traders more confused. The weekly candle closed lower and it was fairly strong. The price is struggling with a pivot point and the purple resistance.

The overall sentiment looks to be bearish but the market is hesitant and it is wiser to monitor price reaction to this price level carefully.

All commodities have a similar situation. The struggle between political and economic factors is confusing traders since they come in opposite.

The US non-farm payrolls had a big drop and it caused the Fed to decline any new interest rate hikes. Along with Federal Reserve, Bank of England decided to keep the interest rate unchanged too.

The fears of an expanding war also slowed down after a speech by the Hezbollah Leader. His intention to stop declaring war against Israel for now decreased the pressure on oil and gold moderately.

In addition to geopolitical risks and economic fears, there are many other positive and negative factors affecting commodities that are beyond the scope of this report.

The ambiguity is also flowing in bitumen markets. India decreased bitumen prices by 10 dollars last week. Bahrain set the price to 400 USD. Meanwhile, East Asia kept bitumen prices unchanged and Europe remained vague.

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