While the dollar was climbing new peaks and oil was falling for months, traders imagined that the trend is changed. Yet they saw that oil started increasing with the dollar coming down. It was drawing hope to the crude market, that last week changed many minds.
Last week, the dollar index decreased by around 4 % and crude oil followed it for lower prices. Brent declined by 2.75 % and WTI fell by 3.81 % during the trading days. We might say that the trend of oil might be changing in a downward direction because of this correlation. Normally commodities grow to the weakness of the dollar.
Fuel also had very hot days and its growth helped the bitumen and petroleum products to increase in several regions. In the Middle East, refineries had fierce competition of over 60% for vacuum bottom. They are still making new records in competitions.
Singapore and South Korean prices decreased by about 5 $. The Middle East, however, observed prices over $ 410 during the week. The market is still interested in the rates and demand is flowing among traders.
In the Middle East, the new steel drum bitumen is in the range of $ 425 – $435 and the bulk bitumen is in the range of $ 380 – $ 390. The bulk of Singapore is volatile in the range of $560 – $570 and South Korea is currently $ 440 – $ 450.
This article was prepared by Mahnaz Golmohammadian, the Content specialist and market analyst of Infinity Galaxy.