Oil Prices Maintain Uptrend as Brent Crude Futures Reach New High
Oil prices continued their upward trend last week, with Brent crude futures on the Intercontinental Exchange (ICE) rising 6.6 per cent to $94.40/barrel and domestic crude oil futures gaining 7 per cent to ₹8,359/barrel.
The price action suggests that the uptrend is steady and the likelihood of further gains is high, with the nearest hurdle at $98. However, Brent crude futures can surpass this level to move up to $101 or even $94.83, which was marked as a high on Friday before ending the week slightly lower.
The chart analysis shows that the bulls are in a good position to push the contract further higher from the current level, with the nearest resistance at ₹8,600. In case of a decline, the support at ₹8,000 can arrest the fall, but if breached, the downtick can extend to ₹7,600.