Weekly Oil Report: Geopolitical Risks Pushed Brent Above $90

Oil continued rocketing higher in the first week of April by about 5% growth. Brent closed at $90.87 and WTI settled around $86.67. Watch crude technical analysis and comment your ideas:

The current candle pattern looks to be imaging previous upward movement so we might expect a correction similar to one after it. The idea is supported by being at a pivot point level too.

Geopolitical tensions are firing up confusion and fear. After Israel attack on Iranian Embassy in Syria, markets are worried about the possibility of a direct response from Iran. Rumours are not officially confirmed and businesses are running as usual.

Europe conflict can expand if Trump wins the presidency. NATO is taking action to avert any possible victory for Russia by increasing funds and military aid support.

Gold reached a new high after a major breakout, ($2300 per ounce). Bullish sentiment is spreading in precious metals and commodities due to economic factors and political tensions.

Bitumen prices increased in India, Europe, and East Asia as oil surged above $90. While no change was expected in India, prices rose by $1.5 last week. Iran rates were steady but they have rising potential. The Middle East probably won’t have sharp movements until next Monday due to Eid al-Fitr. The region outlook is highly tangled with geopolitical factors.

Feel free to contact me for bitumen inquiries or more information.

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