Crude Oil Price Today: Crude oil futures traded higher on Thursday, supported by firm spot market demand and fresh buying by market participants. Improved sentiment in global oil markets and expectations of steady consumption helped prices maintain an upward bias during early trade.
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On the Multi Commodity Exchange (MCX), crude oil for January delivery rose by ₹10, or 0.20 percent, to trade at ₹5,091 per barrel. The contract witnessed active participation, with over 5,500 lots traded, indicating renewed interest from traders and hedgers.
Why Crude Oil Prices Are Rising
Market analysts attributed the rise in crude oil futures to increased buying positions amid steady demand from the physical market. Refiners and bulk consumers continued to show interest at lower price levels, providing near-term support to prices.
Additionally, expectations of stable fuel demand during the winter season and controlled supply conditions have helped limit downside pressure. Traders are also closely tracking global inventory data and geopolitical developments, which continue to influence price movements.
Global Crude Oil Market Update
In the international market, crude oil prices also traded higher, reflecting positive sentiment.
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West Texas Intermediate (WTI) crude was up around 0.9 percent, trading near $56.44 per barrel.
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Brent crude, the global benchmark, gained nearly 0.8 percent to trade around $60.15 per barrel.
The rise in global oil prices comes amid expectations that major oil-producing nations will continue to manage output levels carefully to prevent oversupply. Any signs of supply discipline from OPEC and its allies often act as a bullish trigger for crude prices.
Today’s Crude Oil Price Analysis (MCX)
From a technical perspective, crude oil futures on MCX are showing mild bullish momentum.
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Support levels: ₹5,020 – ₹4,980 per barrel
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Resistance levels: ₹5,150 – ₹5,220 per barrel
As long as prices remain above the key support zone, the outlook remains positive in the short term. A breakout above resistance could attract further buying interest, while profit booking may emerge at higher levels.
Key Factors to Watch Ahead
Investors and traders are advised to keep an eye on the following factors, which may impact crude oil prices in the coming sessions:
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Global crude oil inventory data
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US dollar movement
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Geopolitical tensions in oil-producing regions
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Demand outlook from major economies
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OPEC+ production policy signals
Any sharp movement in these factors could lead to increased volatility in crude oil prices.
Crude Oil Trading Strategy (MCX)
Intraday Trading Strategy (Short-Term)
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Buy on Dips: ₹5,030 – ₹5,050
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Target: ₹5,120 – ₹5,150
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Stop Loss: ₹4,980
Intraday traders can look for buying opportunities on price dips as long as crude oil holds above the ₹5,000 support level. Strong spot demand and positive global cues support a buy-on-decline strategy.
Alternative Sell Setup (If Breakdown Occurs):
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Sell Below: ₹4,980
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Target: ₹4,920 – ₹4,880
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Stop Loss: ₹5,030
Positional Trading Strategy (1–3 Weeks)
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Buy Range: ₹4,950 – ₹5,020
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Upside Target: ₹5,250 – ₹5,350
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Stop Loss: ₹4,850
Positional traders may accumulate crude oil futures on corrections, as the overall trend remains mildly bullish due to steady demand and controlled global supply. Prices sustaining above ₹4,900 could lead to a gradual upward move.
Market View
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Trend: Mild Bullish
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Volatility: Moderate
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Strategy: Buy on dips
Disclaimer: This article is for informational and educational purposes only. It does not constitute investment advice. Investors are advised to consult a certified financial advisor before making any investment decisions.
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