Weekly Oil Report: Quiet Global Market vs Iran’s Increasing Possibility

The slight stability of crude helped to make petrochemical prices more attractive for traders.

On June 9, Brent oil closed around $74.94 and WTI settled above $70.29.

The price moved in the expected range and it didn’t have any noticeable change. Obviously, Brent couldn’t break through 78 even on the third attempt. The weakness is still in the market. Fears of recession and the uncertainty for demand and supply take away any momentum each time. Oil can see a bit of rising during this week toward 78 once more.

The cut of OPEC couldn’t manipulate prices unlike the last one. By the current rates of demand and supply, the market can’t expect a significant movement unless some factors suddenly change. 

Fuel and bitumen fell along crude last week. Two Indian refineries also suddenly decreased prices by 22 dollars. Monsoon seasons is affecting demand in several countries as well.

Competitions over vacuum bottom also decelerated in Iran by 60%. At the time of this report, Iran and the US are likely to have a new agreement. In case of positive result, prices can increase in Iran due to falling dollar rates against Rial.

Here you can check several prices. If you need bitumen, contact me for the exact price.