Oil prices remained volatile last week. Brent crude oil futures on the Intercontinental Exchange (ICE) ($97.40/barrel) was up 0.4 per cent whereas crude oil futures in the domestic market (₹8,848/barrel) fell 4.1 per cent.

Brent crude (Nov) futures kept the traders busy last week as it dropped in the first half and saw a sharp recovery, particularly on Wednesday and Thursday. A rebound from the 21-day moving average shows that the bulls are in control and price drops are being bought.

As it stands, the Brent crude futures retain a positive bias and the probablity for a rally is high. It has the potential to surpass the resistance at $110 and $115. Resistance above $115 is at $130.

However, if the support at $92 is taken out, the near-term outlook can turn bearish. In this case, the contract can fall to $84.

Crude oil (Oct) futures experienced a volatile week. Early last week, the price declined following an attempt for a recovery. However, the recovery lacked strength and the contract ended the week with a loss.

That said, the contract has a support at ₹8,500, where a trendline coincides. Below this is another support at ₹8,160, its 50-day moving average. So long as these levels hold, the bullish bias will remain.

A rally, either from the current level of ₹8,848 or after a fall to ₹8,160-8,500 price band, can take the contract to ₹10,500. Resistance above ₹10,500 is at ₹11,000. 

Instead, if the support at ₹8,160 fails to hold, the crude oil futures can decline to ₹7,500 and subsequently to ₹7,000.

Trade strategy: Retain the buy suggested at ₹9,000. Target and stop-loss can be ₹10,500 and ₹8,300, respectively.

Published on September 26, 2026