Weekly Oil Report: Slope of Oil After New Job Data

Pressure on crude knocked the price down by 7 percent. Singapore fuel was volatile as oil but bitumen stayed almost steady. Brent closed at 79.73 and WTI settled at 73.18 on Friday, Feb 3.

Price partially broke through the yellow resistance on Friday. There is still a possibility for a third drive to the resistance; therefore, the price movement during this week can be important. If the breakout proves to be valid, we can expect 78 for Brent but if it gets back to the channel, targets will be 81 and then 83. 

The joy of China’s reopening did not last very long as oil sloped sharply after the strong US Job data on Friday.

The Federal Reserve is also unlikely to change the pace of economic slowdown. The news on the interest rate increase and the strong reports of Jobs pushed the dollar index up by 1%.

India, as expected, decreased the price of bitumen by $ 14.5 on the 1st of February. Meanwhile, Iran’s refineries competed on the vacuum bottom for 66%. The price of VB went up by 5.3% on Sunday, February 5.

Singapore’s price rose by $ 10 during the week while Bahrain kept bitumen steady.

Demand looks to be reviving in East Asia and Africa since some new projects have been started.

Below, you can check several bitumen prices in different regions.