Weekly Oil Report: Mixed Trend Happening Due to Uncertainty

Breaking News: Iran’s president, Ebrahim Raeesi, was found dead at a helicopter crash site with his foreign minister and others. According to the national press, no one survived the crash. Watch crude oil technical analysis:

On Friday, Brent closed at $83.90 and WTI settled around $79.46. The chart of oil has not changed much as it is almost moving sideways. Price is struggling in a very tense area. Luckily, a pivot point support is backing up the price. On 4h chart, Brent’s climbed above 50 MA which can be a good sign for slightly stronger rates. This neutral oil chart is happening while commodities such as Gold, Silver and Copper are making new records.

Although, US job reports and economic data (CPI & PPI) show improvements, the constant growth of commodities, especially the industrial important ones, is confusing traders. Is the Central Bank really taming inflation as Powel states? They are both against and in favour of the idea.  

Regional disputes in Ukraine and Gaza continue along with economic confusion. Israel had some new operations at Rafah. The situation in Ukraine looks to be in favour of Russia at the moment. Europe is trying to put more pressure on Russia by tightening sanctions.

Bitumen markets have been in a mixed condition too. There are both signs of growth and drops at the same time. Bahrain increased price by another $ 50 While India decreased rates by $ 5. Iran had the market unchanged but Europe and East Asia witnessed some growth.

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Latest Bitumen Price – 20 May 2024

Location	Price (USD)
Iran (bulk) - BND FOB	285-295
Singapore Bulk	440-445
South Korea Bulk	400-405
Bahrain Bulk	480-485