Weekly Oil Report: Feeble Positive Signals in Petroleum Products

As oil stays in the expected range, bitumen and petrochemicals look to be ready for new growth. Brent closed at 86.05 and WTI settled at 79.36 on Friday, Jan 27. https://youtu.be/24b6Guk8mfI The yellow resistance has been precisely touched several times and it is moving in the defined area of the chart. In the 4h chart, you can see a fine double top with a baseline of 85.70. If the price succeeds to make a valid breakout in this timeframe the price may come down to around 83. But if the price fails to break out, we will have the third price drive to the yellow resistance. OPEC will have its first meeting of 2023 on the 1st of February. The decision can affect the market to maintain a new trend. EU and G7 discuss the price cap of Russian products. EU has suggested having a $100 per barrel price cap on high-value products of Russia such as Diesel. The US economic reports show that the interest rate increase will continue with a minimum of 25 basis points in the first quarter. The Bitumen market looks to have started a rising trend after a long correction. Accordingly, India might decrease the price on the 1st of February or keep things steady but they would increase the price afterwards. The market is probably facing the same situation in Iran, Korea, and Singapore with prices tending to go up. Below, you can check several bitumen prices in different regions.