The week was almost steady for oil prices. Fuel, in Singapore, decreased but bitumen went up. The contradiction has surprised many but it is the market reality. The chaos is not only restricted to oil and bitumen. Oil is affected by the fears of the recession at the moment. But many bullish factors are keeping traders cautious.
The world seems to be getting more unpredictable every day. Political changes in European countries and Asia are frightening for many. The UK has just changed its fourth prime minister in only 6 years. Liz Truss resigned after 44 days and Rishi Sunak became the first UK prime minister of colour. Italy, also, is under the hand of a far-right leader at the moment.
Russia and Ukraine war is going on with more attacks. The war fire is making the lack of energy more severe in the continent. European countries are under pressure as Russia, the main gas and oil distributor to Europe, cannot transfer gas and energy like before.
New steel drum bitumen, in the Middle East, is fluctuating in the range of $410 – $415 and the bulk bitumen is in the range of $330 – $340. The bulk of Singapore is volatile in the range of $663 – $667 and South Korea is currently $ 490.
This article was prepared by Mahnaz Golmohammadian, the Content specialist and market analyst of Infinity Galaxy.