Crude Check: Uptrend stays strong

SENSEX 73,123.83

 -125.56

NIFTY 22,600.00

 -87.65

CRUDEOIL 9,783.00

+ 299.00

GOLD 142,160.00

 -1,149.00

SILVER 195,900.00

 -3,699.00

SENSEX 73,123.83

 -125.56

NIFTY 22,600.00

 -87.65

NIFTY 22,600.00

 -87.65

CRUDEOIL 9,783.00

+ 299.00

CRUDEOIL 9,783.00

+ 299.00

GOLD 142,160.00

 -1,149.00

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Price dips unlikely to derail trend 

By Akhil Nallamuthu

Updated - October 24, 2026 at 09:43 PM. | bl. research bureau

Oil prices extended the gains last week. Brent crude oil futures on the Intercontinental Exchange (ICE) ($116.72/barrel) rallied 6.2 per cent last week, gaining for the fourth week in a row. On a closing basis, $116.72 is the highest close since the first week of June 2022. 

Crude oil (Nov) futures in the domestic market (₹9,800/barrel) was up 4.3 per cent last week, posting a fourth consecutive weekly gain.

Overall, the momentum is favourable to the bulls and prices are likely to advance further in the coming sessions.

Brent futures ($116.72)

Brent crude futures remained flat last week until Wednesday. But during the last two sessions, it saw a strong rally.

Trading at $116.72, it is now hovering near a trendline resistance at $117. This might lead to a temporary decline in price, possibly to $112. A fall below this support is unlikely to happen.

A rally, either from the current level of $116.72 or after a dip to $112, can lift Brent crude futures to $120 soon. A breakout of this can take it higher to $130.

Instead, if the contract falls below $112, the bears can drag the contract to $106-108, where it could meet a trendline support. Only a break below this trendline can turn the near-term outlook weak, which, as it stands, is less probable. 

MCX Crude Oil (₹9,800)

Crude oil (Nov) futures, after facing some slowdown by the middle of last week, regained strength and rallied over the last two sessions.

A potential corrective decline in Brent crude futures can trigger a fall in crude oil futures as well. But the fall is likely to be arrested at ₹9,300.

Support below ₹9,300 is at ₹9,000 and ₹8,500. Until the support at ₹8,500 holds, the outlook will be positive.

An eventual recovery can take crude oil futures to ₹10,200 and subsequently to ₹10,500 in the near-term.

Published on October 24, 2026

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