On February 22, Brent crude oil’s bullish trend was reversed, with a peak of $82.04, possibly in response to news of interest rate hikes in various central banks.
Some analysts suggest this may be a technical trend that could be corrected. On Friday, Feb 24, Brent closed at 82.81 and WTI settled at 76.42.
The US Federal Reserve remains hawkish about raising interest rates. They aim to curb inflation soon. Last week, US oil inventories contributed to the bearish sentiment in the market.
Biden’s visit to Ukraine on the one-year anniversary of the Ukraine war demonstrates the West’s full support for Ukraine’s desire to win. However, the impact on the economy remains unclear.
Singapore’s fuel condition has improved since Monday, February 20.
Recent Iran Market Condition
Iran’s vacuum bottom prices rose by 3.5% on February 20, but more than 75% of VB remained under competition from refineries.
Despite the unprecedented rise in the dollar-to-rial exchange rate, prices have not decreased. This abnormal increase has affected the cost of production activities, transportation, logistics, and other internal processes.
This article was prepared by Mozhdeh Darbandizadeh, the Content specialist and market analyst of Infinity Galaxy.
