Crude oil prices gained over the last week. Brent crude oil futures on the Intercontinental Exchange (ICE) ($93.10/barrel) and crude oil futures in the domestic market (₹8,614/barrel) were up 2.2 per cent and 4 per cent, respectively.

Brent futures ($93.10)

Brent crude oil futures rallied in the first half of last week to hit a high of $98.99 on Wednesday. But in the following sessions, the price dropped. Nevertheless, the contract managed to post a weekly gain.

That said, the chart shows that the price band of $98-100 is a strong resistance and so long as the price remains below this level, the outlook will be bearish. As it stands, the probability for a decline to $88 is high.

On the other hand, in case Brent crude futures break out of $100, they can extend the uptick to $105 and $114.

MCX-Crude oil (₹8,614)

Crude oil futures (June) saw an uptick in price during the first half of last week and marked a high of ₹9,290 on Wednesday. But then, the bears took over, leading to a notable decline in price. 

The prevailing price action shows that the bears are gaining traction and the probability of further fall in price is high. From the current level, we expect crude oil futures to decline to ₹7,600. A breach of this can result in a deeper fall to ₹7,000.

For the contract to change the outlook positive, it ought to decisively break out of the barrier at ₹9,500, which appears less likely. If it happens, then crude oil futures can retest the prior high of ₹10,150.

Trade strategy: Short crude oil futures at ₹8,800 with a stop-loss at ₹9,400 for a target of ₹7,600.

Published on June 6, 2026