Weekly Oil Report: Uncertainty by Mixed Signals Hit Traders Again

The crude oil market acted uncertainly toward all the bearish and bullish factors in the market. But the uncertainty is not only for oil.

Brent closed at $93.46 and WTI settled at $85.13 on Friday, 21 October.

On the weekly chart of WTI, uncertainty is clear in the last candle. Buyers and sellers were both indecisive.

On the daily chart, the MACD indicator seems to be crossing and changing the phase. Oil might open lower on Monday but it is possible to see volatilities throughout the week.

The recession is nearly the strongest bearish factor holding oil prices down. The dollar index is increasing and it brings more fear to the markets.

Russia and Ukraine war is just getting more complicated, leaving Europe with more Energy fears.

Italy’s new far-right prime minister, Giorgia Meloni, is taking the power with his allies. The change can be in favour of Russia.

The UK is deep in ambiguity after the resignation of Liz Truss, the 45-day Prime Minister.

Unprecedented chaos in the CCP ceremony shows that China is also facing problems from the inside. All the data is resembling a difficult time for China.

The bitumen market is also uncertain and it is not much active compared to the same time last year.

Singapore fuel fell by $ 15 on 21 October but the bitumen price increased by $ 10.

On Friday, Singapore CST180 fuel was $ 387 and the bitumen got to $ 565.

South Korean bitumen was also increased by $ 10 and settled at $ 490.

Bahrain bitumen stayed steady, at $425, for the fourth consecutive week.

Iran had a 48% competition on vacuum bottom. Currently, the new steel drum is in the range of $410 – $420.

The world surely is entering a new critical era, full of surprises. How and when the uncertainty ends is unknown.