Crude oil prices surged last week. Brent crude oil futures on the Intercontinental Exchange (ICE) ($109.30/barrel) and crude oil futures in the domestic market (₹9,685/barrel) were up 7.9 per cent and 10.9 per cent, respectively.
Brent crude oil futures found support in early May and showed signs of bulls gaining traction. In line with this, the contract saw a considerable rise last week.
The price remains above both 21- and 50-day moving averages and the daily chart shows that Brent crude futures has formed a higher base last week at around $100 compared to the base at $94 made in April.
The price action maintains a positive inclination and the probability of further rally is high. We expect Brent crude futures to break out of $115 and soon touch $125. In case there is a decline, it will most likely be arrested at $94.
Crude oil futures (June), in the first week of May, saw good buying interest on the back of the support at ₹8,400, which coincided with the 21-day moving average..
A rebound last week and the formation of a higher low adds strength to the bulls’ case. There is a good chance for crude oil futures to surpass the barrier at ₹9,800 and rally to ₹11,000.
If there is a decline from the current level, the contract can find support at ₹9,000. Below this, is the support band of ₹8,200-8,400.
Trade strategy: Buy crude oil futures if the price dips to ₹9,200 to achieve a better risk-reward ratio. Target and stop-loss can be ₹11,000 and ₹8,200.
Published on May 16, 2026
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