Brent Crude Futures Hold Positive Bias Amid Volatility

Oil prices remained volatile last week, with Brent crude oil futures on the Intercontinental Exchange (ICE) rising by 0.4% to $97.40 per barrel, while domestic market crude oil futures fell 4.1% to ₹8,848 per barrel.

The Brent crude (Nov) futures experienced a sharp recovery on Wednesday and Thursday after initially dropping in the first half of the week. The rebound from the 21-day moving average indicates that bulls are in control, with price drops being bought up.

Despite this volatility, the Brent crude futures retain an upward bias, with a high probability for a rally. Prices have the potential to surpass resistance levels at $110 and $115, while a strong rebound could even reach $130. However, if support at $92 is breached, the near-term outlook may turn bearish, leading to a possible decline to $84 per barrel.