Is This the End of Losing Streak for Crude?
Infinity Galaxy
Infinity Galaxy is renowned as a committed supplier of bitumen and petrochemicals with more than 10 years of experience.
Oil and Bitumen Market Condition
Oil recovered slightly after 4 constant falling weeks.
On Friday, Brent closed at $72.09 and WTI closed at $69.20. Revised supports are shown on the chart. A divergence is happening between volume and price movements. It can be a risky factor for bulls but at the same time, the analysts of Trafigura oil firm believe that Brent will remain in the channel of $60. Meanwhile, EIA expects oil in the range of $80.
The quick growth of precious metals is a risk factor for economies. Gold hit new records trying to get to $2600. However, it’s over-purchased with lower volume so we might expect a correction soon.
China’s demand outlook is also dim. The country is raising the retirement age for the first time since 1950s. It shows that the government needs a larger labour supply and is trying to decrease retirees’ expenditures.
Ukraine was pleading for months to use Western Missiles in Russia. However, White House national security spokesman John Kirby announced that the US is not planning any new policy on Ukraine and the use of long-range missiles.
Presidential polls show Kamala Harris ahead of Donald Trump. After the debate between the two candidates, Harris became more popular among people and celebrities. Trump refused Harris’ invitation for a 2nd debate.
Bitumen markets were almost confused by crude oil movements. East Asia was unchanged last week while the Middle East, Europe, and Africa experienced a falling trend.
Updated Fuel Oil and Bitumen Prices
More Links to Read About Recent Bitumen Market Condition
Thanks for your attention. We will be pleased to be at your service. Our supportive team will respond to your questions and inquiries ASAP.
If you have any inquiries, please keep in touch with us via :