Weekly Oil Report: WTI Fell Below $70 by Bears

September started with a sharp fall for Oil pushing it below $70. Watch crude oil technical analysis:

On Friday, Brent closed at $71.47 and WTI closed at $68.08. The triangle, shown last week on the chart, broke downward by about 7%. The price is now on long-term support and there is a chance for it to stall for a while and have a pullback. 

OPEC+ delays the scheduled cuts by two months. Considering weak economic data from the US and China, several members of OPEC decided to postpone their voluntary cuts for a short time. 

Economic reports show slow progress in two of the biggest world economies. China’s multinational companies are taking their money out of China and the real state has no improvements despite multiple government measures.  

Both OPEC’s decision and economic condition caused bears of the market more afraid of the situation. Therefore, negative sentiment suddenly built up. 

Bitumen markets also continued the falling trend in most regions. In Bahrain, price got to 395 USD. Europe also faced lower prices. Iran, however, prices stayed at the same level due to a shortage of VB. 

Feel free to contact me for any bitumen inquiries. You can also check an estimate of price for your required destination port here.

By Mahnaz Golmohammadian, the international sales expert of Infinity Galaxy (www.infinitygalaxy.org).