Weekly Oil Report: Purchase Power Stronger Than Expected

Bullish sentiment is growing stronger despite some economic objections against crude oil.

On July 21, Brent oil closed at $80.67 and WTI settled around $76.77. Check out the Technical Analysis:

Unlike expectations for a moderate fall from the breakout point, the price grew gradually to 80 after reaching halfway of the anticipated reduction.

The purchasing power looks to be strong enough to see more increase in the price, probably to the 23% fib level.

The cautiously bullish growing sentiment is pushing crude prices forward despite the US dollar strengthening and the upcoming Fed meeting to raise the interest rate.

Bitumen and fuel followed crude and recorded a prosperous week. Bahrain’s bitumen rose by 20$ after a long time of stability. In Europe, especially Spain, prices grew. In Singapore, the price was likely to rise, but it closed unchanged. 

India will probably increase the bitumen price on 1 August.

Meanwhile, Iran suddenly increased bitumen by $ 30 only in one week. Suppliers are now waiting for the upcoming VB rates which they expect to grow higher. 

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