Oil prices snapped a four-week decline, as there was a recovery last week. Brent crude oil futures on the Intercontinental Exchange (ICE) ($76/barrel) and crude oil futures in the domestic market (₹6,814/barrel) gained 5.4 per cent and 3.7 per cent respectively. Brent futures ($76)Brent crude futures rebounded on the back of the support at $71. While it made a high of $80.59 on Wednesday, the price slipped in the following sessions. Thus, the resistance at $80 holds true.If the contract breaks out of $80, it can extend the rally to $86. However, the broader bias remains bearish and the recovery is likely to be capped.There is a good chance for Brent crude futures to resume the decline from the current level of $76 and test the support at $71.MCX Crude Oil (₹6,814)Crude oil futures (July) found support at ₹6,400 and it bounced off this level last week. It made a high of ₹7,296 on Wednesday before moderating and wrapping up the week at ₹6,814. The chart shows that the price band of ₹7,300-7,500 is a notable barrier. Only a breakout of ₹7,500 can turn the outlook positive. In this case, crude oil futures can rally to the ₹8,000-8,100 resistance band, where the 50-day moving average lies.The price action shows that the broader bias is negative and there is a good chance for crude oil futures to decline from the current level. The price can drop to ₹6,400. If this is invalidated, the contract can decline to ₹5,800. Trade strategy: Short crude oil futures if the price inches up to ₹7,150. Target and stop-loss can be ₹6,400 and ₹7,500 respectively.Published on July 11, 2026