Weekly Oil Report: March Bears Two Important Events

On Friday, Brent closed the week at $83.33 and WTI settled around $79.75. Watch crude technical analysis and comment your ideas:

Oil prices climbed above 80 but it didn’t last long to break the rangebound. The sentiment is more bullish but it hasn’t overcome the uncertainty yet. The weak economic data from China and Europe is partially responsible for this hesitation.

Moreover, two of the most important events in March including OPEC meeting and the US interest rate cut add up to doubts. The market is closely monitoring both since they can have a great effect on oil and industries.

The Middle East tensions are not over but there is more hope to see an end to Gaza war. According to shipping rumours, routes in North Africa might open in the near future. In case of reopening, demand can rush to different markets to recover from the recent shortage.

Demand growth in bitumen markets also led to higher prices in Singapore, Korea, Europe and a 3-dollar increase in India. In Bahrain, market is steadier and in Iran, prices are increasing because of rising freights.

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).