Due to news of the partial recovery in China’s economy and the suspension of Kurdistan oil exports to Iraq, the price of oil rose by about 4 point 35 percent over the past week. It reached a high of about 78 USD but did not go above 79 USD, and there is still strong resistance to further price increases.
This resistance, which was primarily brought on by the failure of several American banks and the merger of two Switzerland banks, increased market apprehension, which prevented the oil price from rising above 80 USD for the time being.
Following the end of the Cold War between the United States and China, Brazil’s government announced on Wednesday night that it had reached a deal with China to stop using the US dollar in their trade and instead continue their cooperation using their respective national currencies. By 2022, China and Brazil’s combined annual revenue was expected to reach over $150 billion.
The Shanghai Cooperation Organization’s first step of cooperation with Saudi Arabia was taken on the same day when the Saudi cabinet agreed to join. Despite American concerns, Saudi Arabia wants close and long-lasting ties with China.
During March 27–30, Singapore’s fuel prices increased by 20 USD and fell by 4 USD as a result of market confusion, which was a sign of market instability.
Bulk bitumen from South Korea and Singapore was traded at 430 and 490 USD, respectively, at the same time, but Bahrain raised its bitumen price by 30 USD, bringing it to 355 USD.
Despite the market turmoil, it has been reported that bitumen prices in India are predicted to rise by about 20 USD on April 1 due to a shortage of current supplies.
The average competition in Iran during the Persian New Year was around 52 percent, which seems high and may indicate that producers have decided to maintain the upward trend in prices. There were five announcements during the Persian New Year, and the vacuum bottom increased by about 21 percent. In the interim, it appears that the US dollar is strengthening against the Iranian rial at the start of the Persian New Year.
This article was prepared by Shirin Yousefi, the Content specialist and market analyst of Infinity Galaxy.