Weekly Oil Report: The Unstoppable Growth Continues

On Sep 15, Brent oil closed at $94.20 and WTI settled around $91.17. Watch crude technical analysis and comment your ideas:

Crude recorded a 9-month high with a weekly growth of around 5%. These constant gains are making hopes for seeing 100 in 2023.

The daily candles are strong and the purchase power is bullish. 96 can be the next step as it is the 38% fib level.

China’s demand outlook optimism was one of the main stimulators of oil. Better-than-expected industrial production and retail sales indicate China is recovering quickly. 

Besides China, OPEC insists on the bullish view of oil demand for 2024. They expect to see a rise of 2.25 million b/d which means faster economic recovery. But it doesn’t mean that the economic fear is gone. In the US, the struggle continues between those who believe the Fed is over with increasing the interest rates and those who believe that inflation is still above Fed expectations. However, big investors like JP Morgan and Goldman Sachs say that it is unlikely to see an interest rate increase in September. They’ve also lowered their estimates about core inflation and the unemployment rate for 2023.

Bitumen and fuel climbed high along with crude growth nearly in all international markets. Only India decreased bitumen prices by 5 $ because of heavy rains. Experts believe that India will hugely increase the price on October 1. Iran vacuum bottom rates will also grow by 5.5% this week. All bitumen markets are likely to see more growth.

If you need bitumen, be in touch with me.