Weekly Oil Report: Weak Movements of Crude and Metals

The world is still confused about the economic direction and it is clearly reflected in Oil and petroleum products.

Brent oil closed at $86.43 and WTI settled at $79.74 on Feb 10.

https://youtu.be/WueC6yO24e0

The price has been moving exactly as anticipated in the last video. Brent could not break through the lower resistance and it is recovering to the top resistance that is shown on the chart. It can experience a slight correction downward and then continue the rising trend for the yellow line.

The production cut announced by Russia could make shock the market. The cut will be implemented in march.

Investors are also less hopeful for the growth of precious metals since the US dollar has been increasing.

Goldman Sachs updated their forecast of crude oil for 2023. They now believe that the crude price won’t get to $100 before December while before they had announced the target to happen in mid-2023.

The Bitumen market and fuel were relatively hot last week as demand continued.

Singapore’s HSFO CST180 increased by $ 40 from 6 Feb to 10 Feb. Such a sudden increase was unprecedented in only a week.

In Iran, refineries completed by about 77% by purchasing vacuum bottom.

India seems to be ready for an increase in mid-February.

The market tends to see higher prices but there is still resistance to it.

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

Location	Price
Iran (drum)	$390 - $400
Singapore	$505 - $510
South Korea	$425 - $435
Bahrain	$320 - $330
Spain	$345 - $355