Brent Crude Oil Prices Show Signs of Recovery

The price of Brent crude oil has remained volatile in recent weeks, but has shown signs of recovery. According to the Intercontinental Exchange (ICE), Brent crude oil futures were down 2% last week, while domestic crude oil futures on the MCX Crude Oil contract were up 0.8%. The domestic market was closed on Friday.

The chart set-up for Brent crude futures appears bullish, with a trendline support in place. Analysts expect the contract to hit $110 soon, potentially extending to $115 in the near term if this level is taken out.

On the other hand, if bears gain traction and drag the contract down, it could decline to $96 and then to $94. A breach of $94 could change the outlook bearish, with support below $94 at $84.