Crude Oil Prices Consolidate After Brief Rally

Oil prices surged last week, with Brent crude oil futures on the Intercontinental Exchange (ICE) rising to $88.50/barrel and domestic crude oil futures gaining 6.1 per cent.

The rally was short-lived, however, as Brent crude futures faced resistance at $91 and could not extend its upswing beyond this level.

Despite this, analysts expect the contract to consolidate between $83 and $91 in the near-term, with a breakout of either barrier potentially leading to significant price movements.

In the domestic market, MCX Crude Oil futures rose above the resistance at ₹7,500 early last week but were unable to breach the key level of ₹8,000.