Crude Oil prices have been coming down over the last couple of weeks. The Brent Crude Futures contract has declined by about 4.5 per cent in the last two weeks. Concerns over excess supply and slowing demand are weighing on the oil prices now. Brent Crude Oil closed the week at $63.65 per barrel.

On the domestic front, the Crude Oil Futures contract on the Multi Commodity Exchange has declined 2.4 per cent in the last two weeks. The contract has closed the week at ₹5,295 per barrel. The Indian rupee weakening against the US dollar has aided to limit the loss in the MCX Crude Oil contract.

Here is our analysis of where the oil prices are headed:

Brent Crude ($63.65)

The short-term outlook is weak. Resistances are $64.45 and $65.50. A strong trigger might be needed to breach $65.50 and g

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