Weekly Oil Report: Rising Trend Continues in Crude

Oil closed March with over 6% growth. On Friday, Brent closed the week at $86.92 and WTI settled around $83.06. Rally of oil continued to the day before Good Friday. Watch crude technical analysis and comment your ideas:

Brent price took off after touching 38% Fib level. If the purchasing power stays unchanged, there can be a slight correction.

Bullish sentiment persists in oil markets. “In what feels like an increasingly bullish oil market, $90 Brent is now a real possibility,” OilPrice.com said. OPEC output cuts, SPR refilling, supply disruptions, and economic challenges are the most dominating factors.

OPEC+ and Russia are adding up to supply cuts. Russia announced a strategic pivot in production policy for Q2 of 2024. As a member of OPEC+, it intends to have equal participation in production cuts.

US coal prices are rising sharply. After the collapse of a key bridge in Baltimore, US thermal coal is increasing. Normally, oil and coal have a positive correlation.

Geopolitical tensions have disrupted some countries’ regular supply. Moreover, peace in the Middle East is more unlikely to happen and it is complicating the situation more than before.

Economic situation stays uncertain and fragile. Currency depreciation in Japan, China, and India surprised many by the fact that economy is not improving as it’s said.

Bitumen market had a rising trend last week too. India is getting closer to the election; therefore, it will keep the prices on a steady track. Iran, Europe, Bahrain, and East Asia, in opposite, are increasing prices.

Feel free to contact me for bitumen inquiries or more information.

This article was prepared by Mahnaz Golmohammadian, the export manager of Infinity Galaxy (www.infinitygalaxy.org).