Oil prices extended the gain last week. Brent crude oil futures on the Intercontinental Exchange (ICE) ($94.40/barrel) and crude oil futures in the domestic market (₹8,359/barrel) gained 6.6 per cent and 7 per cent, respectively.
Brent futures ($94.40)
Brent crude futures broke out of the resistance at $91 early last week. It gained further to mark a high of $94.83 on Friday before ending the week a little lower at $94.40.
The price action suggests that the uptrend is steady and the likelihood of further gains is high. While $98 is the nearest hurdle, Brent crude futures can surpass this to move up to $101.
On the other hand, if there is a decline, leading to a fall below $91, the contract might drop to $87.60 and $86. So long as these levels hold, the outlook will be positive.
MCX Crude Oil (₹8,359)
Crude oil futures (Sep) surpassed the resistance at ₹8,000 last week. It rose to hit an intra-week high of ₹8,404 on Thursday before wrapping up the week at ₹8,359.
The chart shows that the bulls are in a good position to push the contract further higher from the current level. The nearest resistance is at ₹8,600. But crude oil futures can rise above this and touch ₹9,000.
On the other hand, if the contract falls from the current level, the support at ₹8,000 can arrest the decline. In case this is breached, the downtick can extend to ₹7,600.
Nevertheless, the bias is positive at the moment.
Trade strategy: Buy crude oil futures (Sept) at ₹8,200. Place stop-loss at ₹7,900. Book profits at ₹8,800.
Published on August 22, 2026
