Weekly Oil Report: Shocks of Weak Economic Data in Crude and Petroleum Products

On Friday, Brent oil closed at $80.55 and WTI settled around $76.05. Watch crude technical analysis and comment your ideas:

Brent, as mentioned in the last episode, pulled back and continued falling.

The weak economic data and the decline of US treasury yield suppressed the oil markets on Thursday. More than expected increase in US jobless claims and the weak labour market indicates that the Federal Reserve might not be willing to increase the interest rates further.

The sudden decline of oil price was compensated on Friday but the purchasing power is not enough to expect a solid reverse movement. The double top pattern is not completed and the price is now supported by the pivot point. We might see prices moving slowly for a couple of days until the market can decide the direction.

Bitumen prices didn’t have any significant changes in East Asia despite the sudden fall in Europe. There is news about another decrease in price in India for the 1st of December. Although it is the export hot season, Iran and other producers are facing a challenging time. The market is waiting for a clear and significant change to find its right track. 

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