Weekly Oil Report: Sudden Bullishness Took Over

On July 7, Brent oil closed at $78.24 and WTI settled around $73.65.

Oil left a bullish candle at the end of the week and it is spreading more positive sentiments.

The daily candle shows stronger movement compared to the last several tries but still can’t be sure if the price has broken through the resistance yet.

Interestingly, the candle happened after a disappointing result in non-farm payrolls on Friday. New reports are in contradiction to the positive results of last months but it hasn’t changed Fed’s mind about decisions on interest rates yet. 

Iran also joined to Shanghai agreement, SCO, which opens a $23 trillion market to the country.

Fuel and bitumen grew drastically too. Crude oil supported the price inevitably but it was more about increasing demand. Bitumen season will start by September and traders are trying to take advantage of the low prices as much as they can.

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

The 3^rd AMEA bitumen and base oil convention and exhibition in Thailand is a great opportunity to expand your professional network. We can’t wait to see you here in Siam Kempinski Hotel in Bangkok on July 12^th. Meet Infinity Galaxy at table 27.