Weekly Oil Report: Unclear Fate of Tensions Makes More Uncertainties

On October 27, Brent oil closed at $88.77 and WTI settled around $85.11. Watch crude technical analysis and comment your ideas:

Market sentiment has been shifting daily based on the tensions and news. Traders are deep in confusion. While big financial organizations are talking about 3-digit numbers for oil, it recorded a week of loss since the start of the war in the Middle East.

Since September 19, crude had two lower highs but it hasn’t also recorded any lower lows. Right now, the price is wrestling with a strong pivot point.

Which way it takes is not clear since the fate of the war is vague. The fluctuating purchasing power is also proof of the uncertainties.

In addition to the oil price, freight has been an issue for many routes. According to Bloomberg, freight rates on 16 global maritime routes increased by 50% since the Hamas attack on Israel. It’s expected to see the rise of rates in the Middle East on the 1st of November too.

Bitumen prices, moving closely with the crude rally, had a volatile week. Prices in Europe slightly rose while stood unchanged in East Asia. Iran’s market can also see a new shock after applying new regulations in the next 10 days.

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