Change of Sentiment
Crude oil has been shifting in sentiment due to the uncertainty of war in the Middle East and supply outlooks shortly. The US oil rigs decreased according to the new reports and Saudi order Aramco to keep the production unchanged.
All these actions caused a bullish sentiment last week and it also affected bitumen. In the Middle East, the currency exchange rates also help the increase of the prices. The upward movement is slow but it looks to have a continuous effect. Demand is also increasing since Iran and India have been raising the prices.
In the Middle East, the new steel drum bitumen was in the range of $ 360 – $ 365 and the bulk bitumen was in the range of $ 280 – $ 285. The bulk of Singapore is volatile in the range of $ 430 – $ 435 and South Korea is currently $ 400 – $ 410. Bahrain bulk recorded 360 USD at the end of the year. You can contact me for more information or bitumen inquiry, Click here.
This article was prepared by Mahnaz Golmohammadian, the account manager and market analyst of Infinity Galaxy.
