Oil Rallies Capped, Dips Seen As Selling Opportunity: Kunal Shah

Oil prices are unlikely to see a sharp upside despite ongoing geopolitical volatility, with elevated fuel costs and rising inflation expected to force a push towards peace, Kunal Shah, Head of Commodities Research at Nirmal Bang told NDTV Profit. He recommends using price spikes to initiate short positions, citing strong resistance near MCX Rs 9,000 and NYMEX $96–97. While a major escalation involving Iran could alter the outlook, Shah sees a firm floor for Brent at $80, underpinned by persistent supply constraints even as demand softens.