Weekly Oil Report: Market Stays in Favour of Bulls
April 29, 2024
1 minute
Crude oil slowed down with some reports about an invetory build in the Middle of the month. These possibility is making traders a little hesitant.
However, StanChart has forecast that demand will increase in May and June in favor of bulls. StanChart believes that OPEC will not increase supply either.
The overall sentiment of the market is almost bullish that’s why brent price is stalling above 85.
Bitumen market had a sudden jump despite oil. Singapore bitumen increased by $ 25 on Friday. South Korea also raised the rates by $ 10. Iran prices are also increasing. India is expected to have an uptrend too.
Latest Bitumen Price (29 April, 2024)
| Location | Price (USD) |
| Singapore Bulk | 440-455 |
| South Korea Bulk | 410-420 |
| Bahrain Bulk | 420-430 |
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