Crude oil, after seeing price swings on both sides, ended the week with a gain. Brent crude oil futures on the Intercontinental Exchange (ICE) ($67/barrel) was up 2.3 per cent. Crude oil futures (Oct) on the MCX (₹5,526/barrel) gained 1.7 per cent.

Brent futures ($67)

Just when the sellers appeared to gain traction, the Brent crude oil futures found support between $65.50 and $65. While there was no decline in price beyond these levels, it did not rally either.

As it stands, the chart shows that the contract is oscillating between $65 and $69. Only a breach of either of these levels can lend us cues about the direction of the next trend.

A breakout of $69 can result in a rally to $72.80. But a fall below $65 can trigger a downswing to $62.

MCX-Crude oil (₹5,526)

We are considering October futures as September contract is nearing expiry. 

Crude oil futures’ (October) attempt to rally early last week was thwarted by the hurdle at ₹5,650. Above this is another barrier at ₹5,800. That said, the support at ₹5,380 remains in place.

So, the path of the next trend depends on the direction of the break of the ₹5,380-5,800 range.

A rally past ₹5,800 can lift crude oil futures to ₹6,050. But if the contract breaches the support at ₹5,380, it will open the door for a decline to ₹5,000.

Trade strategy: We had suggested buying crude oil September futures at ₹5,570 with a stop-loss at ₹5,370 for a target of ₹6,000. As the support for September and October futures remains valid and that the former is nearing expiry, traders can consider rolling over the trade.

At the open on Monday, exit the September contract position and buy the October futures. Target and stop-loss can be ₹5,780 and ₹5,370 respectively.

Published on September 13, 2025