Oil and Bitumen Highlights: Geopolitical Risks adds Up to Energy Crisis
Photo Credit To Highways.Today

Oil and Bitumen Highlights: Geopolitical Risks adds Up to Energy Crisis

Oil and Bitumen Highlights: Geopolitical Risks adds Up to Energy Crisis

Bitumen Report – December 12, 2022

Petrochemicals and fuel fell further along with oil. Crude got to its lowest price in 2022.

Brent closed at $76.63 and WTI settled at $71.47 on Friday, 9 Dec.

Watch this week oil technical analysis and forecast:

The market was determined about the fall despite suitable fundamentals for growth. Price is currently in a delicate region. As you can see in the daily chart of WTI, the price has been forming a wedge and it is currently fluctuating at the bottom line. If the price holds on to the resistance it can move upward to make a continuing pattern. But if the price breaks through the bottom, we shall see much lower prices for oil.

Easing covid zero policies, the massive queue of tankers in Turkish Straits and Canada’s halted pipeline couldn’t pull the prices higher.

Putin also called the price cap a “Stupid” strategy and threatened to cut production if it becomes necessary. Russia is selling its oil at higher prices to several Asian countries.

Petroleum products and fuel had a very volatile week. Uncertainty was visible in Singapore and the Persian Gulf. On 8 December, fuel was down by $ 8 while it grew by $ 12 the next day.

Bitumen prices also decreased in most of the markets as they were under the pressure of crude fall.

If you need help with bitumen or petrochemical quotations, please contact us:


Post source : Infinity Galaxy

About The Author

Anthony has worked in the construction industry for many years and looks forward to bringing you news and stories on the highways industry from all over the world.

Related posts