Oil Prices Rebound, But Trend Remains Uncertain

Oil prices took a hit last week, with Brent crude futures on the Intercontinental Exchange (ICE) dropping by 6.7 per cent to $88.10/barrel and domestic crude oil futures falling 4.5 per cent to ₹7,984/barrel.

The price drop was not uniform across the week, however. In the first half of last week, Brent crude futures fell but then bounced back after hitting $85, reducing its overall losses for the week.

Despite this recovery, the chart shows a lack of clear direction in the trend. Analysts suggest that Brent crude futures will likely remain within the range of $84 and $93 before any clarity is established on the next leg of the trend.