Weekly Oil Report: Growing Bullish Sentiments

On July 14, Brent oil closed at $79.63 and WTI settled around $75.22.

Watch crude technical analysis:

Traders were getting pretty sure about the definite growth of crude oil last week when the price turned down a great portion of the rise on Friday.

The US economic reports on Thursday implemented the fears and the FOMC speech on Friday set everything for a 2% decline. The reports show that the US economy is still performing better than expected. According to Governor Christopher J. Waller, “The robust strength of the labour market and the solid overall performance of the U.S. economy gives us room to tighten policy further,”.

The fear is clearly shown on the last candle of the week; however, it can be temporary because the market is still bullish. The best way is to detect supports and resistances and act accordingly.

Bullish traders are coming into play and they insist on supply cuts. The IEA still emphasises on supply tightness and demand growth. “Even in sluggish economic growth, China and other developing countries’ demand is strong,” IEA head told Reuters.

All of these supply disruptions and demand growth are affecting bitumen and fuel too.

Bitumen in India stayed unchanged after 4 phases of continuous decrease. The situation in Singapore has improved. Bitumen prices in Spain also increased.

Iran faced a huge growth of around 30 dollars compared to the last 3 weeks. Competition is still hot and it can push the prices higher.

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