Weekly Oil Report: Markets Slowly Rising As Brent Stays Above 82

Oil prices closed low but slightly improved compared to last week. Watch crude oil technical analysis:

China’s oil imports have increased by 5.5% since April 2023. Chinese robust demand is making new sparks in oil markets and it caused Brent futures to record a weekly gain.

US government continues SPR recovery. With WTI prices at $ 79, the US Department of Energy is planning to purchase 3.3 million barrels of oil for Big Hill storage facility.

Trump promised to reverse Biden’s oil policy. Republican presidential candidate seems to have new plans to break the Biden administration’s environmental rules and start over new LNG export terminals.

Negotiations failed for peace in the Middle East. Despite rising hopes for a Gaza truce in Cairo negotiations, the war hit up by Israel intensifies its assault in Rafah.

All of the above-mentioned forecasts are bringing more bullish sentiment in oil and its sub-products since it means demand will increase.

In bitumen markets, order flows did not much changes. Global prices had a slight increase in Europe, Bahrain, and East Asia. India’s rates stayed stable because of the coming election. Iran also stayed in the same range as last week.

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).