Crude oil prices tumbled over the last week, extending the downtrend. Brent crude oil futures on the Intercontinental Exchange (ICE) ($72.60/barrel) and crude oil futures in the domestic market (₹6,577/barrel) slumped 9.9 per cent and 9.4 per cent respectively.
Brent futures ($72.60)
Brent crude oil futures fell to a four-month low of $71.93 on Friday. Although the broader trend remains bearish, the contract is approaching a key support at $71, where a rising trendline also converges.
Given this setup, there is a reasonable chance of a corrective rebound from current levels. Such a rally can take Brent futures to $80. A breakout above this resistance can extend the up move to $86.
However, if the contract slips below the $71 support, it can trigger a fresh leg of decline towards $65 and, subsequently, $60, both important support levels.
MCX Crude Oil (₹6,577)
Crude oil futures (July) breached the support at ₹7,000 last week and extended the decline to an intra-week low of ₹6,497 on Friday. The prevailing price structure continues to indicate a bearish bias.
That said, a rebound in Brent crude from the key support at $71 can provide support to MCX crude oil futures as well. In such a scenario, the contract can rise to the ₹7,200-7,300 region. A decisive breakout above this zone can pave the way for a rally to ₹8,000.
On the other hand, if the contract comes under renewed selling pressure and breaks below ₹6,400, it can resume the downtrend and decline towards ₹5,800 and then ₹5,500.
Trade strategy: Traders with a higher risk appetite can consider going long on crude oil futures at ₹6,577 with a tight stop-loss at ₹6,350. Book profits at ₹7,200.
Published on June 27, 2026
