Oil prices closed almost flat on a weekly basis. Brent crude oil futures on the Intercontinental Exchange (ICE) ($103.90/barrel) was down 0.7 per cent whereas crude oil futures in the domestic market (₹9,223/barrel) rose 0.8 per cent.

Brent crude futures moderated last week. While it marked a weekly low of $101.53 on Thursday, it ended the week higher at $103.90.

Despite the price correction, the overall uptrend remains up. Notable support levels that can help the bulls regain strength are $101.50 and $98. The price region between these two levels is a strong support band.

A resumption in rally on the back of the nearby support can lift Brent crude futures to $115 in the near-term. Resistance above $115 is at $130.

However, if the support at $98 is breached, the contract can fall further to the $92-92.50 price band. 

Crude oil (Oct) futures rallied to mark a fresh high of ₹9,769 on Tuesday. However, during the following sessions, the price softened as the rally lost strength.

That said, the overall bull trend is valid and the price drop is a corrective fall.

The contract has a notable support at ₹9,000 followed by a support band of ₹8,750-8,500. So long as ₹8,500 stays valid, the outlook will be bullish. On the upside, crude oil futures can rally to ₹10,500. Resistance above ₹10,500 is at ₹11,000. 

But in case the support at ₹8,500 is breached, the contract can decline to ₹8,000. 

Trade strategy: Buy crude oil futures if the price dips to ₹9,000. Target and stop-loss can be ₹10,500 and ₹8,300 respectively.

Published on September 19, 2026