Weekly Oil Report: Slow Movements of Markets
Financial markets started 2023 on Wednesday and crude oil only fell further. Bitumen stayed in the former price ranges in most areas.
Brent closed at $ 78.47 and WTI got to $ 73.64 on Friday, 6 January.
You can review the probable support and resistance on the shown daily chart of WTI. The price could not pass the resistance at 73 and it can come to 71.
New CPI reports will be released this week. The pace of inflation seems to be slowed down.
Experts say that if China gets back on its casual economic trend, crude oil can boon through 100. But the condition in the country has not shown any positive signs regarding a better situation with Covid.
Iran had an 8.21% of increase over the vacuum bottom on Saturday.
Singapore’s fuel fell by about 32 dollars. The market’s request extremely fluctuates as it is the first days of the year.
Below, you can check several bitumen prices in different regions.
| Location | Price |
| Iran (drum) | $385 – $395 |
| Singapore | $500 – $505 |
| South Korea | $380 – $385 |
| Bahrain | $375 – $380 |
| Spain | $340 – $345 |
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