Crude oil prices were up last week. Brent crude oil futures on the Intercontinental Exchange (ICE) ($72.90/barrel) was up 1.5 per cent whereas crude oil futures in the domestic market (₹6,092/barrel) gained 0.6 per cent.

Brent futures ($72.90)

Brent crude oil futures was largely trading in a narrow range through last week. It was trading within $70.25 and $72 until Thursday. But on Friday, the contract rallied nearly 3 per cent, ending the week on a positive note.

The price action shows that Brent crude oil futures has formed a higher high and the upward momentum is strong. Therefore, the likelihood of further rally is high. The nearest resistance is at $75 followed by $80.

However, if there is a decline, the contract can find support at $71 and $69. Only a clear breach of the latter can turn the outlook bearish. Until then, the bulls have an edge. Support below $69 is at $65.

MCX-Crude oil (₹6,092)

Crude oil futures (March) followed a similar price movement as that of Brent crude futures. However, even after the rally on Friday, MCX crude oil futures has not seen a breakout as the contract closed the week within ₹5,950 and ₹6,130.

That said, the contract retains positive bias and we expect crude oil futures to eventually break out of ₹6,130. On the upside, the contract has the potential to touch ₹6,500 in the near term. A breakout of ₹6,500 can lift it further to ₹7,000.

The upward bias will be invalidated only if the price breaches the support at ₹5,650. Until then, the bulls will be in the driving seat.

Trade strategy: Retain the longs initiated at ₹5,800 and maintain the stop-loss at ₹5,650. On a rally to ₹6,300, trail the stop-loss to ₹6,050. Book profits at ₹6,500.

Published on February 28, 2026