Oil stabilises after surging over 4% last week; brent crude at $91.01/bbl
Oil prices report second straight weekly gain, hit 6-month high on Middle-East crisis; Brent at $91/bbl “Crude oil exhibited significant volatility, extending its gains to reach a 5-1/2 month high amidst escalating tensions in the Middle East and constrained supply from OPEC+ nations. On Monday, both international oil benchmark prices experienced a decline of more than $1 per barrel.
This was attributed to a reduction in Middle East tensions, following Israel's withdrawal of additional troops from southern Gaza and their commitment to fresh discussions regarding a potential ceasefire in the ongoing six-month conflict. Also, the release of better-than-expected U.S.
job data for March may further bolster demand for crude oil in the forthcoming months. Anticipating today's session, we foresee crude oil prices to maintain their volatility.
Support levels for crude oil stand at $84.05–83.40, with resistance observed at $85.10-85.70. In terms of INR, crude oil is expected to find support at ₹7,120-6,980 and resistance at ₹7,340-7,420," said Rahul Kalantri, VP Commodities, Mehta Equities Ltd.
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