Oil prices shot up last week. Brent crude oil futures on the Intercontinental Exchange or ICE ($109.90/barrel) rallied 4.9 per cent. Crude oil futures in the domestic market (₹9,394/barrel) advanced 6.4 per cent.

Brent crude futures extended the rally for the third week and is now hovering near a resistance at $110.

Given the upward momentum, the contract is likely to break out of this level. Notable hurdle above $110 is at $115. A breach of $115 can lead to a quick rise to $120.

However, if there is a fall from the current level, Brent crude futures can find support at $103 and $100. Within these two levels lies a rising trendline support, making it a strong base.

As it stands, a breakdown below $100 is unlikely.

Crude oil (Nov) futures surpassed its prior peak of ₹9,310 last week. A comfortable breakout of ₹9,000 and a follow-through rally indicates a strong momentum.

Going ahead, the contract is likely to post more gains. The nearest potential resistance in sight is at ₹10,200. Subsequent barrier is at ₹10,500.

On the other hand, if the November futures dips, it can find support at ₹9,000 and ₹8,750. The immediate base below ₹8,750 is at ₹8,350. As long as this level holds, the outlook will be positive.

Strategy: Last week, we suggested buying October futures at ₹8,881. Exit this trade as this series will expire on Monday (October 19).

After exiting the October longs, traders can initiate buy in November contract at ₹9,250. Target and stop-loss can be ₹10,200 and ₹8,750, respectively.

Published on October 17, 2026