Weekly Oil Report: Tighter Supply Couldn’t Surpass 90

On April 21, Brent oil closed around $81.35 and WTI settled above $77.91.

As mentioned in last week’s oil report, the strong resistance finally turned down the price by 5.83%. The sharp bullish sentiment is now fading gradually, though, it is not over. There are some words in the market on 100 or 200 crude oil but they are only based on unlikely hypotheses.

The current technical overview of the chart is not much strong at the moment either. The price will probably fluctuate in the range of 78 – 82 dollars during the week. The market can’t expect to see prices over 90 at the moment.

The big players are still trying to keep the supply tight to adjust the price in their favour. On Friday, Saudi Arabia, OPEC’s de facto leader, and Russia discussed the supply policy in a telephone conversation. Both parties will surely benefit from tighter supply as it means higher prices.

Bitumen was also acting with a mixed sentiment as it was not sure about the crude and variables of the market. South Korea increased the price by 15 $ and it got to 430. Iran is probably increasing the bitumen price by 5% on 4 April. India’s price is unlikely to have any major changes on the first of May.

Below, you can check several bitumen prices in different regions.