Weekly Oil Report: Weak Markets At the End of 2022

Crude oil moves weakly as it gets closer to the end of the year. Bitumen and petroleum products continue with relative stability.

Brent closed at $84.49 and WTI settled at $79.39 on Friday, 16 Dec.

Watch crude oil technical analysis:

In 2022, WTI started at $ 75 and it is ending the year at $ 79 after 12 months of volatilities. On the weekly chart, MACD is showing a weakness in the selling pressure and candles are leaving longer shadows. The volume is also decreasing but because of the holidays, it is not unusual.

The Russia-Ukraine war, interest rate increases in Europe and the US, hyperinflation and fear of a recession along with China’s policies against covid made the situation chaotic for oil. Sudden rises and falls frightened traders in commodities and petroleum products.

The 3 days war in Ukraine has continued up to this day. China, one of the largest world consumers, also looks to be in a new tension as Covid spreads.

2022 was a difficult year for traders and financial organizations. The wide range of vitalities and uncertainties has already kept the market on two opposite sides. Some are seeing next year as bullish for oil and some are expecting a fall.

The bitumen market is not an exception either. It is ending the year with relative stability and demand is flowing in different regions while construction projects continue.

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