Weekly Reports: Get updated about Bitumen Market

Weekly Oil Report: Bullish Sentiment Takes Control

Despite all the uncertainty, bullish sentiment could take over the market and push the prices higher. On April 14, Brent oil closed around $86.39 and WTI settled above $82.64. Technically, crude oil is struggling with strong historical resistance. As it is shown on the chart, this region pushed back the price two times. Currently, the...

Weekly Bitumen Report: Unclear Economic Status, The Leader of Market

Since the bankruptcy of three American banks, the brent price reached its highest level while the OPEC decision made on 2 April for 1.66-million-barrel cut and new economic data received from China show more support of the brent price increase.  China economic data shows that in March 2023, the inflation speed reached the lowest rate...

Weekly Lubricant Report: Recycled Base Oil Prices React to Shifting Economic Conditions

After OPEC reduced 1.6 million barrels of oil and increased the price of Brent oil to $80, the price is still at the channel $80. It has recorded its increase of 13 dollars for the last two days.  Despite the concerns of the reoccurrence of economic recession similar to 2008, yesterday one of the managers of...

Weekly Oil Report: Market Tightly Trapped Between Fears and Hopes

While crude oil succeeded to have a huge price gap to get above $80 during the past days, it moved weakly afterwards. On April 6, Brent oil closed around $84.73 and WTI settled above $80.42. Price is clearly trapped in the current zone, not knowing where to be heading as the traders are very indecisive...

Weekly Bitumen Report: Time is Needed for a Clear Direction 

407 days after Russia's war against Ukraine, it seems that France and some other countries of the European Union started attempts to abolish the war. In the meantime, Macron, the president of France travelled to China. Still, there is not any clear prediction of the economic effects of the probable peace.  On April 2, the...

Weekly Lubricant Report: All Markets Tend to Rise Along Crude Cut

Market participants become hopeful about the supply and demand of 2023 by the new voluntary cut of OPEC. The cartel admitted to being ready to continue the cuts for March and after as well since they want to avoid any surplus in the markets. This action has its own opposition including the USA which finds...

Weekly Oil Report: Back Above $80 By the OPEC Supply Cut

OPEC stimulated the market by continuing the cuts for April. But is it going to last? Brent oil closed around $79.73 and WTI settled above $75.65 on March 31. The oil price could get closer to the psychological resistance zone at $ 80 since Thursday. On Monday, the price opened by a nearly 5% gap...

Weekly Bitumen Report: The Uptrend of Iran is Going on

During the last week, oil price increased around 4.35% by the release of news about the partial improvements in China’s economy and the stop of export of Kurdistan’s oil in Iraq, it reached around 78 USD but it did not exceed 79 USD and there is still a strong resistance for more increase of oil...

Weekly Lubricant Report: Market Factors in Conflict Amid Contradictory News

Due to the release of positive news about China's economic situation and the cessation of Iraq's oil exports; Brent oil prices rose to around $79, but there is still a lot of resistance to higher oil prices. The risk of recession and economic crisis in the world and recession is a big factor for the...

Weekly Oil Report: The Struggle Is Not Over

Crude oil continued the weak movement after a slight comeback to an expected price level because of incentives from the Federal Reserve. Brent oil closed around $74.49 and WTI settled above $69.19 on March 24. Oil price moved a bit upward as was expected in the technical review of the chart. The price is now...