War and Conflicts
While several bitumen traders were pending their orders because of the crude oil sudden fall, the geopolitical changes in the Middle East caused more concerns for them. Let’s have a short review of the two most effective factors of this week.
Brent oil fell to 83.49 USD on Friday and it brought a new concern to the market. But the situation didn’t much last since it opened with a rising gap on Monday. Currently, it is 88.14 USD and experts believe that it can continue because of the hectic situation in the Middle East.
Despite oil, the war in the strategic zone of the Middle East is affecting currencies and commodities. There is no specific outlook for the conflict at the moment and things are vague.
In East Asia, bitumen prices are growing due to the increasing demand. However, in the Middle East, the price movement is not known because the uncertainty is flowing.
In the Middle East, the new steel drum bitumen is in the range of $ 412 – $ 416 and the bulk bitumen is in the range of $ 322 – $ 326. The bulk of Singapore is volatile in the range of $ 520 – $ 525 and South Korea is currently $ 430 – $ 435.
