Weekly Oil Report: Mixed Concerns of Demand and Supply

Another shock by crude drove all petroleum products lower.

On May 12, Brent oil closed around $74.17 and WTI settled above $70.03.

Mixed sentiments of the market finally weighed on the negative side and broke through 75. The next support of the price is around 71 which it had even touched before.

The fall was due to weaker states of China’s demand and a sense of a calmer world.

The Ukraine war is in a more stable condition compared to last year. And the fear of recession receded temporarily.

The US also might start rebuilding the SPR as the price of oil has now fallen to 70.

Despite all the downtrends, Global investments in oil and gas have risen to their highest since 2014.

Bitumen relatively fell along with crude in most regions. Based on some reports, India will decrease the price by 7 – 9 dollars on May 15. Singapore and Europe prices, however, increased due to the rising demand.

Fuel also fell by 10 dollars on 12 May.

Below, you can check several bitumen prices in different regions.