Crude oil prices moderated last week. Brent crude oil futures on the Intercontinental Exchange (ICE) ($103.50/barrel) and crude oil futures in the domestic market (₹9,168/barrel) were down 5.2 and 5.3 per cent, respectively.

Brent futures ($103.50)

Brent crude oil futures rallied early last week and hit a high of $112.72 on Monday. However, it fell during the second half of last week. That said, the price remains above the 50-day moving average and the crucial $100.

There is a good chance for Brent crude futures to see a rally from the current level. Once the uptick occurs, the contract can retest the barrier at $115. A breakout of this can lift the contract to $125.

If there is a decline, it will most likely be arrested at $94. A breach of this level can turn the outlook weak.

MCX-Crude oil (₹9,168)

Crude oil futures (Jun) hit a high of ₹10,150 last Tuesday. However, it could not see a follow-through rise. In the last three sessions, the contract witnessed a considerable fall, leading to a weekly loss of over 5 per cent.

But the support at ₹9,000 remains valid and below this is the 50-day moving average at ₹8,690. Also, ₹8,200-8400 is a notable demand zone. Until these levels hold, the bias will remain bullish. 

A potential resumption in rally can lift the contract to ₹11,000. In case the support at ₹8,200 is invalidated, the outlook can become bearish. 

Trade strategy: Last week, we suggested buying crude oil futures at ₹9,200. Retain this trade. Target and stop-loss can be ₹11,000 and ₹8,200. When the price rises to ₹10,000, tighten the stop-loss to ₹9,500.

Published on May 23, 2026