Renisha Chainani, head of commodity and currency research at Monarch Networth Capital, spoke to CNBC-TV18 about the current trends in the oil markets.

Speaking about the crude oil prices, Chainani said, “Rs 5,100 at MCX crude oil and USD 80 for Brent crude oil and USD 70 for WTI crude oil, these are the strong resistance level that we are facing. I think this market is waiting for a trigger, like yesterday when we saw that Russian airplanes was donned by Syria and that triggered some buying in crude oil. Today’s inventory data could be the next trigger that would take the prices above the resistance level. So I am expecting as prices trade above this level for MCX like Rs 5,100 if it is crossed and prices are sustaining above it, it can very well go above Rs 5,200.”

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