| Support 2 | 7385 |
|---|---|
| Support 1 | 7860 |
| CMP | 8369 |
| Resistance 1 | 8700 |
| Resistance 2 | 9070 |
WTI Crude prices hovered near $88 per barrel, declining around 2% for the second consecutive week as Middle Eastern oil exports continued recovering. Saudi Arabia's October production rose 26%, while Iraq's output reached its highest level since 2019. Expectations of faster supply recovery and hopes of de-escalation following the US midterm elections weighed on prices. However, shipments remain dependent on alternative routes, ship-to-ship transfers and military protection. A White House official indicated that President Trump would extend oil waivers for 90 days. Meanwhile, Trump's latest remarks that Washington no longer needs a deal with Iran dampened diplomatic hopes, while Tehran reiterated its refusal to remove enriched nuclear materials from the country, keeping geopolitical risks elevated.
MCX Crude Oil prices witnessed a recovery after finding support near 7860, closing the week at 8369. Prices are currently trading above the 100-200 DEMA placed at 8158 and 7386, respectively, while remaining below the 20-50 DEMA at 8695 and 8597. This indicates that the broader trend remains under pressure despite the recent recovery. RSI is hovering around 43.30, reflecting relatively weak momentum. Open interest stood at around 7,200 lots, indicating volatile positioning amid recent price movements.
Overall, crude oil may attempt a short-term reversal; however, a sustained breakout above immediate moving average resistance is required to confirm bullish momentum. Traders should wait for breakout confirmation before taking fresh bullish positions.
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