Oil prices rallied through the last week. Brent crude oil futures on the Intercontinental Exchange (ICE) ($96.30/barrel) and crude oil futures in the domestic market (₹8,578/barrel) rose 9.3 per cent and 7.4 per cent respectively.

Brent crude futures saw an uptick in price in the first half of last week. During the latter half, it stayed flat, retaining the gains.

However, there is a barrier ahead at $98, where a rising trendline coincides. This can trigger a price correction, possibly to $90.50, its 21-day moving average. Subsequent support is at $88.75. A breach of this can turn the outlook bearish. Support below $88.75 is at $84.

On the other hand, if Brent crude futures breaks out of $98, it can extend the rally to $101.50. A rally past this level can lift the contract to $110. 

Crude oil futures (Sept) rallied last week and hit a high of ₹8,791 on Thursday. But it ended the week lower at ₹8,578. A weekly close above ₹8,500 is a positive sign and the price action shows that there is a buying interest between ₹8,400 and ₹8,600.

Therefore, further upside is highly likely. That said, before the next upswing, the contract might moderate, possibly to ₹8,085 where the 21-day moving average lies.

A rally, either from the current level of ₹8,578 or after a dip to ₹8,085, can lift crude oil futures to ₹9,000. A breakout of ₹9,000 can take the contract to ₹10,000.

On the other hand, if the support at ₹8,000 is breached, the crude oil futures can fall to ₹7,500.

Trade strategy: Buy crude oil futures if the price dips to ₹8,100. Target and stop-loss can be ₹9,000 and ₹7,800, respectively.

Published on September 5, 2026