Weekly Oil Report: Sudden Fall of Oil and More Uncertainties

Petrochemicals and fuel fell further along with oil. Crude got to its lowest price in 2022. Brent closed at $76.63 and WTI settled at $71.47 on Friday, 9 Dec. https://youtu.be/yo54XePTpvY The market was determined about the fall despite suitable fundamentals for growth. Price is currently in a delicate region. As you can see in the daily chart of WTI, the price has been forming a wedge and it is currently fluctuating at the bottom line. If the price holds on to the resistance it can move upward to make a continuing pattern. But if the price breaks through the bottom, we shall see much lower prices for oil. Easing covid zero policies, the massive queue of tankers in Turkish Straits and Canada’s halted pipeline couldn’t pull the prices higher. Putin also called the price cap a “Stupid” strategy and threatened to cut production if it becomes necessary. Russia is selling its oil at higher prices to several Asian countries. Petroleum products and fuel had a very volatile week. Uncertainty was visible in Singapore and the Persian Gulf. On 8 December, fuel was down by $ 8 while it grew by $ 12 the next day. Bitumen prices also decreased in most of the markets as they were under the pressure of crude fall. Below, you can check several bitumen prices in different regions.