Crude Oil Prices May Rise Further Next Week, Brent Could Hit $120 As West Asia Supply Fears Deepen
New Delhi: Crude oil prices are expected to remain volatile next week, with analysts predicting further gains as supply disruptions in West Asia and stalled US-Iran talks continue to worry global energy markets. Despite efforts to improve oil availability, concerns over shipments through the Strait of Hormuz and attacks on energy infrastructure are keeping prices elevated. Brent Crude Could Touch…
Crude oil prices are projected to continue fluctuating next week, driven by ongoing supply concerns in the West Asia region, according to analysts. Despite attempts to boost oil availability through policy measures, geopolitical tensions and disruptions to energy infrastructure are fueling elevated prices. Brent Crude futures are anticipated to reach $120 per barrel, according to Ajit Mishra, a senior researcher at Religare Broking.
Investors will be closely watching US crude inventories, imports, and data from the American Petroleum Institute for any shifts in market direction. In domestic markets, November crude oil futures on the Multi Commodity Exchange (MCX) rose by 6.4% to settle at Rs 9,394 per barrel. Internationally, Brent crude futures for December delivery rose nearly 5% to $109.86 per barrel, briefly hitting $110 before settling.
West Texas Intermediate (WTI) futures surged 9% to $99.02 per barrel. While relief measures such as G7 stock releases, a US-Russia diesel agreement, and potential sanctions relief have not led to sustained price declines, supply shortages persist. Analysts caution that shipping threats, vessel attacks, and limited alternative export capacity could exacerbate global oil supply disruptions.
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