Weekly Oil Report: Escalating Uncertainty in Global Markets

At the end of the week, WTI had a big dip leaving a 3% gap on the chart. Watch crude oil technical analysis:

On Friday, Brent closed at $79.59 and WTI closed at $75.41. Brent moved below 61% fib level despite the decreasing US Rig count for multiple weeks. 

Gold also surpassed $2500 on Friday with a decent volume. The constant rise of precious metals normally does not indicate an optimistic outlook for economies. Traders are obviously under pressure due to uncertainty. 

The Middle East has hectic days because of the war and its consequences. Gaza truce talks in Doha didn’t have any effect on the ceasefire. It will continue in the coming weeks. Iran is postponing the promised retaliation against Israel for the killing of a Hamas leader too. This action is causing more stress in the region. 

Ukraine had its biggest attack on Russia since the start of the war in Kursk Oblast. Moscow has described Ukraine’s invasion as a highly provocative act and has promised a “vigorous response”.

Bitumen markets also move uncertainly. While prices in Bahrain decreased by $ 30, India kept all the rates unchanged and East Asia experienced some increases. 

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).