Crude oil prices were up last week. Despite the sell-off in the last two sessions, oil prices ended up positive on a weekly basis. Brent crude oil futures on the Intercontinental Exchange (ICE) ($69.70/barrel) was up 3 per cent and the crude oil futures on the MCX (₹5,887/barrel) gained 4.2 per cent.
Brent futures ($69.70)
Brent crude oil futures rallied to mark an intra-week high of $72.83 on Wednesday. But then the price fell in the following sessions to end the week at $69.70.
From the current level, there is a support ahead at $69 where a rising trendline coincides. The contract is likely to rally on the back of this. Such an upswing can lift Brent crude oil futures to $75.
But if the support at $69 is breached, the contract can fall to $66.
MCX-Crude oil (₹5,887)
Crude oil futures (Aug) rallied to hit a high of ₹6,184 on Wednesday before it saw some moderation in price.
The current price action gives a bullish tilt to crude oil futures. That said, it might decline to ₹5,800 or to ₹5,600, notable support levels, before resuming the uptrend.
A resumption in rally on the back of either of these levels can lift the contract to ₹6,350 and ₹6,500, potential barriers.
But a breach of the support at ₹5,600 can turn the outlook bearish. In which case, the contract can drop to ₹5,150.
Trade strategy: Traders can go long on crude oil futures (Aug) if the price dips to ₹5,800. Place stop-loss at ₹5,600. When the contract rises to ₹6,200, modify the stop-loss to ₹6,000. Book profits at ₹6,350.
Published on August 2, 2025
