Oil futures stayed the same on Friday, June 21. Signs of rising demand and falling US oil inventories pushed the market for constant growth in the week. After a 0.8 % growth, Brent Futures closed at 85.56$ and WTI closed at 82.12$ for August delivery. Interestingly, prices have increased for the coming month by about 5% in the last 7 weeks. Watch crude oil technical analysis:
EIA reported that US oil inventories had a decline of 2.5 m barrels while the expected was only 2.2m. The decline shows the increasing demand in the market.
Demand outlook is also growing in Asia. According to reports, some factories are re-starting their production plants which were shut down temporarily.
Geopolitical tension in the Middle East is constantly growing. After a speech by Hassan Nasrallah, the conflict between Hezbollah and Israel flared up. The stress can lead to higher prices of oil.
Bitumen market also has a mixed sentiment. Bahrain has decreased the price by 30$. Iran shows signs of a coming increase. East Asia is almost stable but it has the potential to grow.
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| Location | Price (USD) |
| Iran (bulk) – BND FOB | 283 – 288 |
| Singapore Bulk | 415 – 420 |
| South Korea Bulk | 390 – 395 |
| Bahrain Bulk | 450 – 460 |
This article was prepared by Mahnaz Golmohammadian, the export manager of Infinity Galaxy (www.infinitygalaxy.org).