MCX Crude rallies +2.63% on supply stabilisation recovery

WHAT HAPPENED MCX Crude surged to 7296 INR/bbl at 18:37 IST, posting a +2.63% gain from the previous close. The advance resumes the uptrend established from the 7134 INR/bbl trough logged at 22:29 IST, as supply-side stabilisation sentiment regains traction. USD/INR firmed 0.15% to 95.24 INR, while gold edged 0.17% higher to 148743 INR/10g and copper gained 0.63% to 1382.4 INR/kg.

WHAT IT MEANS The 2.63% rally breaks above the 7250 INR/bbl pivot established at 16:41 IST, signalling renewed conviction in the recovery narrative. For MCX crude traders, this move establishes a fresh session high and tests whether supply stabilisation can hold against the volatile intraday swings that have characterized the past 48 hours. The rupee's modest strength at 95.24 INR provides a secondary headwind.

WHAT TO WATCH Monitor the 7300–7320 INR/bbl zone for resistance confirmation. A break and hold above this level would target the 7350 INR/bbl region; a retest of 7250 INR/bbl would signal renewed pullback risk.