Crude oil futures staged a short-lived recovery last week, snapping a four-week losing streak, but technical indicators suggest the rally may be running out of steam.
Brent crude on the Intercontinental Exchange (ICE) hovered around $76 per barrel, while domestic Indian benchmarks traded near ₹6,814 per barrel.
The modest rebound in energy prices comes after a period of significant volatility, with Brent previously slipping below the $75 threshold as broader market sentiment shifted.
Despite the weekly gain, the broader trend remains bearish, prompting analysts to advise caution for long positions.
The modest rebound in energy prices comes after a period of significant volatility, with Brent previously slipping below the $75 threshold as broader market sentiment shifted.
The recent price action reflects a market that is increasingly looking past geopolitical headlines to assess fundamental supply and demand balances.
Traders appear to be discounting risk premiums that had previously supported higher prices, leading to a more subdued outlook for the commodity.