Crude Check: Bears make their move
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓Oil prices crashed last week, posting their biggest weekly loss since March 2020.
- ✓Brent crude futures fell sharply, hitting a two-month low of $93.22 on Wednesday.
- ✓Domestic crude oil futures also plunged 14.9 per cent.
Story at a Glance
- Category
- Indian Markets
- Reported By
- Business Line
- Reading Speed
- 2 Minute(s)
- Market Focus
- India Economy
Oil prices crashed last week, posting their biggest weekly loss since March 2020.
Brent crude oil futures on the Intercontinental Exchange (ICE) ($98.30/barrel) tumbled 13.3 per cent, slipping below the $100-mark and snapping the recovery seen in recent weeks.
Crude oil (Nov) futures in the domestic market (₹8,459/barrel) plunged 14.9 per cent.
Brent futures ($98.30)
Brent crude futures fell sharply, marking a two-month low of $93.22 on Wednesday. However, despite witnessing one of the steepest declines in recent years, the contract managed to close above the crucial support at $98.
While a minor recovery is possible, the contract is unlikely to sustain a rally beyond $105, a notable resistance. Given the prevailing bearish momentum, we expect Brent futures to resume the decline either from the current level of $98.30 or after a temporary rebound towards $105.
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