Crude oil prices see a sharp jump; can they sustain gains? How can they impact Indian stock market sentiment?

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(Exciting news! Mint is now on WhatsApp Channels. Subscribe today and stay updated with the latest financial insights! Click here!) The majority of experts expect crude oil prices to move higher in the short term due to supply-related factors and escalating geopolitical tensions.

However, crude oil prices could ease in the second half of the year after, near the US elections. Also Read: Explained | Why are crude oil prices elevated after OPEC+ policy decision and how will it impact India? "Short-term outlook for crude oil prices is positive until the second quarter of the year (June Q2) according to global markets.

Stable demand coupled with supply constraints from OPEC & OPEC+ is driving crude oil prices higher. However, a weakness is anticipated in the second half of the year, particularly post-June, as the US is expected to increase production aggressively in the lead-up to the elections," said Jateen Trivedi, VP and a research analyst at LKP Securities.

Trivedi believes crude oil could rally towards the $90-$94 mark in the short term, but strong resistance is foreseen around these levels based on past price movements in August 2022 and September 2023. Also Read: Buy or sell: BHEL to Bajaj Finserv — Sumeet Bagadia recommends three stocks to buy on Monday — April 8 According to V K, Vijayakumar Chief Investment Strategist at Geojit Financial Services, Brent Crude may move in the $89 - 92 range in the short run.

Rahul Kalantri, VP of commodities at Mehta Equities expects crude oil prices to remain volatile to positive bias in the short term due to geopolitical tensions and good macroeconomic numbers from China. However, he added that due to the US election, the potential upside in the crude oil prices could be limited.