Weekly Oil Report: Is This the End of Losing Streak for Crude?

Oil recovered slightly after 4 constant falling weeks. Watch crude oil technical analysis:

On Friday, Brent closed at $72.09 and WTI closed at $69.20. Revised supports are shown on the chart. A divergence is happening between volume and price movements. It can be a risky factor for bulls but at the same time, the analysts of Trafigura oil firm believe that Brent will remain in the channel of $60. Meanwhile, EIA expects oil in the range of $80. 

The quick growth of precious metals is a risk factor for economies. Gold hit new records trying to get to $2600. However, it’s over-purchased with lower volume so we might expect a correction soon. 

China’s demand outlook is also dim. The country is raising the retirement age for the first time since 1950s. It shows that the government needs a larger labour supply and is trying to decrease retirees’ expenditures. 

Ukraine was pleading for months to use Western Missiles in Russia. However, White House national security spokesman John Kirby announced that the US is not planning any new policy on Ukraine and the use of long-range missiles. 

Presidential polls show Kamala Harris ahead of Donald Trump. After the debate between the two candidates, Harris became more popular among people and celebrities. Trump refused Harris’ invitation for a 2nd debate. 

Bitumen markets were almost confused by crude oil movements. East Asia was unchanged last week while the Middle East, Europe, and Africa experienced a falling trend.  


Feel free to contact me for any bitumen inquiries. You can also check an estimate of price for your required destination port on Bitumen Price Today.

By Mahnaz Golmohammadian, the international sales expert of Infinity Galaxy (www.infinitygalaxy.org).