Crude Oil prices have been coming down over the last couple of weeks. The Brent Crude Futures contract has declined by about 4.5 per cent in the last two weeks. Concerns over excess supply and slowing demand are weighing on the oil prices now. Brent Crude Oil closed the week at $63.65 per barrel.
On the domestic front, the Crude Oil Futures contract on the Multi Commodity Exchange has declined 2.4 per cent in the last two weeks. The contract has closed the week at ₹5,295 per barrel. The Indian rupee weakening against the US dollar has aided to limit the loss in the MCX Crude Oil contract.
Here is our analysis of where the oil prices are headed:
Brent Crude ($63.65)
The short-term outlook is weak. Resistances are $64.45 and $65.50. A strong trigger might be needed to breach $65.50 and go up towards $67 and higher. However, we can expect the Brent Crude to remain below $64.45 itself.
Support is around $62.80. A break below this support can drag Brent Crude Oil price down to $60.50-$60 in the short term.
MCX Crude Oil (₹5,295)
The trend is down. The recent price action indicates the struggle to breach ₹5,500. Cluster of resistances are in the ₹5,500-5,600 region. A strong and sustained break above ₹5,600 is needed to turn the outlook positive. Only then will the rise to ₹5,800-5,900 come into the picture. But such a rise looks less probable.
Support is in the ₹5,250-5,230 region. A break below ₹5,230 can drag the MCX Crude Oil Futures contract down to ₹4,950 or even ₹4,800 in the coming weeks.
Trade strategy
Traders can take fresh short positions on a break below ₹5,230. Keep the stop-loss at ₹5,370. Trail the stop-loss down to ₹5,200 as soon as the contract falls to ₹5,160. Revise the stop-loss down to ₹5,140 and ₹5,060 when the price touches ₹5,080 and ₹5,010 respectively. Exit the short positions at ₹4,960.
Published on November 8, 2025