Brent Crude Hits $96 as Oil Prices Rise for Third Week

Global oil prices continue to rise for the third week in a row, with Brent crude closing at $96.80 per barrel. This represents a nearly 10% increase over the past three weeks, according to recent data.

The strong momentum behind this rally is evident, but technical indicators suggest that a minor price correction may be on the horizon before further gains are seen.

For Indian investors, the trend in oil prices is particularly critical, as rising crude costs can impact domestic inflation, import bills, and margins for sectors like paints, tyres, and aviation.

The Brent crude futures contract has broken above its 50-day moving average, a level watched by market observers to gauge the strength of a price trend. However, it has yet to firmly stay above the psychological threshold of $100 per barrel.