Now Reading: Crude futures slide on uncertainty, Brent recovers to $83.60
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Crude futures slide on uncertainty, Brent recovers to $83.60
Crude oil prices extended their decline last week, with Brent crude futures on the Intercontinental Exchange falling to a low of $78.11 on Wednesday before recovering to close at $83.60 per barrel,…
The Story in Brief
Crude oil prices extended their decline last week, with Brent crude futures on the Intercontinental Exchange falling to a low of $78.11 on Wednesday before recovering to close at $83.60 per barrel, a 5 per cent loss for the week. Domestically, crude oil futures on the MCX fell 8.5 per cent to Rs 7,424 per barrel, having touched a low of Rs 7,078 during the week.
The outlook for the contract remains unclear, according to The Hindu Business Line. If Brent falls below the current level, it could drop to $78 and then possibly to $71, the report said. On the upside, a move above $86 could push it to $91, and a clear breakout above $91 would turn the trend positive. For MCX crude, the bias remains bearish as long as the price stays below Rs 7,500, with a potential drop to Rs 6,500. A breakout above Rs 7,500 could lift it to Rs 8,200 and eventually Rs 10,000.
The Indian Opinion
The usual narrative of 'oil volatility is back' overlooks that prices are still within a broad range, not in a crash. The real test is whether Brent can hold above $78 and regain $86, not the daily wobbles. Watch for the weekly close: a close below $78 would confirm bearish momentum, while a close above $86 would signal a reversal. Until then, traders should stick to their stops and not chase headlines.
Source: thehindubusinessline.com
This story was synthesised by AI from the source linked above.
