Archive · 19 Sep 2026
Oil Prices Hold Bullish Bias Despite Weekly Flat Close
Oil prices finished the week almost unchanged overall.
Brent oil became slightly cheaper, while domestic crude became slightly more expensive.
Brent fell to $101.53 during the week but recovered to $103.90.
Analysts say Brent still has an upward trend if it stays above important support levels.
Its support zone is between $101.50 and $98.
If prices recover, Brent could rise to $115.
Domestic crude futures reached ₹9,769 before falling back to ₹9,223.
Analysts consider the fall a correction and expect a bullish outlook while prices remain above ₹8,500.
Brent crude futures fell 0.7% weekly to $103.90 per barrel, while domestic crude futures rose 0.8% to ₹9,223.
Brent futures touched a weekly low of $101.53 before recovering to close at $103.90.
Brent’s key support zone is $101.50-$98, with potential upside toward $115 if support holds.
MCX October crude futures reached a high of ₹9,769 before retreating, but the broader bullish trend remains intact.
The recommended strategy is to buy MCX crude near ₹9,000, targeting ₹10,500 with a stop-loss at ₹8,300.
- Who
- Brent crude futures and domestic MCX crude oil futures, as assessed in the market analysis.
- What
- Oil prices closed nearly flat for the week, while the analysis maintained a bullish outlook subject to key support levels.
- When
- The week ending September 19, 2026; the analysis was published on September 19, 2026.
- Where
- Brent crude traded on the Intercontinental Exchange, while domestic crude futures traded in the Indian market on MCX.
- Why
- The bullish outlook is based on the broader uptrend and the expectation that prices may recover if key support levels hold.
- Brent closing price
- $103.90 per barrel
- Brent weekly change
- Down 0.7%
- Domestic crude closing price
- ₹9,223 per barrel
- Domestic weekly change
- Up 0.8%
- Brent support
- $101.50 and $98
- MCX crude support
- ₹9,000, followed by ₹8,750-₹8,500
- MCX trade strategy
- Buy near ₹9,000; target ₹10,500; stop-loss ₹8,300