Crude oil fell by about 5 % during last week and it started the new market with more fall on Monday. The double-top pattern’s target was touched and the price seems to have a bit of consolidation. The movement is yet weak.
Bitumen markets surprisingly were a bit in the conflict in different regions of Asia. Singapore and South Korean prices were decreasing along with the crude oil price fall but the Middle East prices were increasing due to geopolitical tensions.
In the Middle East, the new steel drum bitumen is in the range of $ 420 – $430 and the bulk bitumen is in the range of $ 380 – $ 395. The bulk of Singapore is volatile in the range of $525 – $535 and South Korea is currently $ 420 – $ 430.
China has been facing a new wave of protest against covid zero policies. The fire of protest is getting hotter but it hasn’t had any significant effect on the country’s political system. Many are asking Xi Jinping to resign. The turbulences, however, have convinced the market that China’s demand is not going to improve soon.
Russia also is on the verge of social and political collapse since the country is busy in Ukraine and many of its citizens are unhappy about the war. Despite all the sanctions, Russia is still selling its oil and gas to several countries.
This article was prepared by Mahnaz Golmohammadian, the account manager and market analyst of Infinity Galaxy.