Oil prices remained volatile last week. Brent crude oil futures on the Intercontinental Exchange (ICE) ($102.25/barrel) was down 2 per cent whereas crude oil futures in the domestic market (₹8,916/barrel) was up 0.8 per cent.

Note that the domestic commodity market was closed on Friday. 

Brent crude futures which remained weak in the first half of last week, found support in the second half and rebounded. The recovery happened on the back of a trendline support. 

The chart set-up appears bullish. From the current level, the contract is likely to hit $110 soon. If this level is taken out, the uptick can extend up to $115 in the near term. 

On the other hand, if bears gain traction and drag the contract, it can decline to $96 and then subsequently to $94. A breach of $94, where the 50-day moving average coincides, can change the near-term outlook bearish. Notable support below $94 is at $84.

Crude oil (Oct) futures saw some moderation in price during the first half of last week. Nevertheless, the contract stayed above the support at ₹8,500. This indicates that the broader uptrend is valid.

Supporting this, the price action shows that crude oil futures have been forming higher bases since July.

From the current level, we expect the contract to see a fresh leg of rally. This upswing can lift the October contract above the prior peak of ₹9,769 made in mid-September. The price can touch ₹10,000 or even ₹10,500.

However, if the support at ₹8,500 is taken out, the contract might drop to ₹8,200. A breach of ₹8,200 can turn the near-term outlook weak.

Published on October 3, 2026