Weekly Oil Report: Sluggish Movement of Markets

On Friday, Brent oil closed at $80.10 and WTI settled around $75.13. Watch crude technical analysis and comment your ideas:

Oil ended up falling for the for the 5th consecutive week. Trading activity slowed down because of the US Thanksgiving holidays, leaving the weekly candle with long shadows and a thin body. The market didn’t have any noticeable changes while moving in the same side channel with the same supports and resistances.

The OPEC meeting was postponed to Nov 30 so producers reach a consensus on production levels. Apparently, supply cuts will not be deepened for 2024. Japan believes that the cartel will keep production levels unchanged.

IEA revealed another increase in US oil inventories which helped the fall of prices.

Despite the weak supply, the recent China data about a new change in the property sector can be positive for oil industry if it goes as planned.

Bitumen is sluggish as crude. In Europe, bitumen price decreased while it was unchanged in Bahrain. Price changes were subtle in southern parts of East Asia. India might decrease the rates by 10 dollars. Iran’s market is also under pressure.

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