Crude oil prices witnessed downside movement in the second half of the year 2022 as it fell from high of nearly $120 to $70 that is fall of nearly 40 percent in NYMEX and from nearly 9400 in MCX to 5900 recently that is fall of nearly 37 per cent due to rising global interest rates and economic slowdown concerns. In near term oil prices will be driven by recovering demand (China reopening, aviation recovering) amid constrained supply due to low levels of investment, risks to Russia supply, the end of SPR releases, and slowdown of U.S. shale production. Prices can take support near 5800-6000 while upside resistance remain near 7600 – 7700 in MCX While in NYMEX the support is near $68-70 while resistance is near $92-94.