Weekly Oil Report: Prices Rising Under the Shadow of Intensifying War

On October 20, Brent oil closed at $92.32 and WTI settled around $88.28. Watch crude technical analysis and comment your ideas:

The Middle East geopolitical tensions sent crude oil higher for the second week. The price is above 50 MA and the purchasing power is rising. Brent is reaching a strong resistance at 96 but if tensions don’t slow down, it might break through.

According to Allianz Trade, the growing tensions in the Middle East can send oil prices from $ 90 to $ 140 and send the world into a recession.

The war has now become the most effective factor on commodities and the market is not much concerned with demand and supply at the moment.

Fuel and bitumen are increasing in East Asia. For the 1st time in the last couple of months, Singapore’s bitumen price got higher than Singapore’s fuel. Yet, bitumen prices in Bahrain decreased. It’s also expected to have some price correction in Iran.

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