Weekly oil Report: Silent Markets of January

Crude oil and all the other markets were quiet and dull in the last two weeks due to the Christmas Holidays. Brent oil closed at $85.95 and WTI settled at $80.42 on Dec 31. Watch the technical analysis of crude: https://youtu.be/4lAchTU-hCI The freezing days in the US and the hectic spread of covid in China were the main sentimental burdens on the oil price. On the weekly chart of WTI, you can see how the price is trapped between the yearly pivot and the 200 moving average. Both areas are strong and the price needs to break through one of them to determine the mid-term trend. Thanks to the huge discounts, Russia is now the leading oil and gas supplier of China by defeating Saudi Arabia. Bitumen and petroleum products were not much different from crude oil. Markets were not very active in the last week of the year. Iran’s competition over vacuum bottom continues while India decreased the bitumen price by $25. Below, you can check several bitumen prices in different regions.  

Location	Price
Iran (drum)	$385 - $395
Singapore	$500 - $505
South Korea	$380 - $390
Bahrain	$375 - $380
Spain	$340 - $350