Weekly Oil Report: Mixed Signals With Crude New High in 2023

On Sep 1, Brent oil closed at $88.88 and WTI settled around $85.98. Watch crude technical analysis and comment your ideas:

Crude oil made an effort to exit the sideway channel after a long time. But with the current evidence, it is soon to give up the selling area thoroughly.

The daily attempt was fairly strong but the weekly and monthly views are uncertain since they are struggling with a heavy resistance.

The US economic reports were also interesting. Non-farm payroll increased in August, while many financial organizations were expecting lower. Unemployment rates decreased but Dollar could grow higher on the two last days of the week. This is rare to see oil and Dollar grow together, so probably one will recede this week.

Storms and hurricanes are causing havoc in North America again. Experts believe that it can even turn into a bigger problem in the Gulf of Mexico this year, which may threaten supply more than now. According to World Energy data, the global supply of fossil fuels is constrained, including oil, gas, and coal. The US crude inventory showed a 10 million barrel draw this week too.

The international markets of bitumen and fuel had moderate growth, including India increasing bitumen price by 12 dollars on September 1. Iran, however, had a slightly different condition due to buyers’ pressure to decrease the price.

If you need bitumen, contact me for the exact price.