Since India imports primarily from OPEC countries, Brent is the benchmark for oil prices in India.
Speaking to CNBC-TV18 David Lennox of Fat Prophets said that he doesn‘t see much of an upside in crude prices for either Brent or WTI. He hasn't changed his view on prices for Brent which stands at USD 55 and USD 50 for WTI.
Lennox expects the West Texas Intermediate (WTI) prices to be at USD 45-50 per barrel and Brent at USD 50-55 per barrel levels by the end of FY16.
While the news of capping crude production has been positive for the oil industry, markets are not really convinced if capping would happen any sooner, says David Lennox, Fat Prophets.
BlackRock Chairman and CEO Laurence Fink said Friday he's more bullish on stocks than he was a week ago, but he believes crude hasn't hit bottom despite the recent rally in depressed oil prices.
In an interview to CNBC-TV18, Edward L Morse, Global Head of Commodities at Citi Research spoke about the weakness in crude and commodities in general.
According to Richard Gibbs, the Indian market is well placed considering the WTI is under the USD 52 per barrel mark and may go further down, which is good for the market.
Both Brent and West Texas Intermediate oil prices spiked on the news that the organization's output target would remain at 30 million barrels a day.
According to Klienman, investors betting on a crude rebound could be in for a disappointment.
Miswin Mahesh, energy analyst, Barclays says oil supply may double if Iran's sanctions are eased. The surplus as of now is 1.2 million barrels per day.
According to Vandana Hari, Asia editorial director at Platts, the rally in oil futures is also on the back of short-covering. Going ahead, she says if the Russian economy improves, demand situation will get better
Brent crude is back above the USD 70 mark. WTI is also above USD 67. And speaking to CNBC, billionaire oil tycoon Boone Pickens said crude prices will get back above USD 100 in the next one year.
Brent crude fell on Monday below USD 70 dollar to hit its lowest level in four years. This is the worst losing streak for crude since the 2008 global financial crisis.
Jim O'Neil, former chairman of Goldman Asset Management Company says IMF is also predicting that the world economy will grow at 3.8 percent next year, which is not getting enough attention.
David Lennox, analyst, Fat Prophets says Brent Crude is likely to have a good year as the demand in China, US and Europe is likely to grow well.
According to Jonathan Barratt, if Libya does not find a solution to its ongoing crisis and the problem escalates further, then Brent may go back to its higher levels of USD 112-115 per barrel.
Speaking to CNBC-TV18, Jonathan Barratt of barrattsbulletin.com says people are likely to sell their ETFs in order to move in more high yielding assets.
According to Jonathan Barratt, Brent is trading at the top of its range right now and if there is an increase in demand, that commodity can breach USD 112.50/bbl and may touch USD 115/bbl.
Juerg Kiener does not see the fall in crude price affecting nations like North America as they have business sustainability of about USD 80 per barrel. Also, the fall will affect Europe only if it goes below USD 95 per barrel, he adds.
According to Praveen Kumar, the Iran deal is a good thing for Indian refiners because this means the pressure can come off a bit and they can start looking at some of these insurance type issues, but in terms of real price the market continues to stay strong.
If exports from Libya resume then Brent prices may hover at low USD 100 per bbl, if not then it will probably continue at present levels or a couple of dollars higher, says Azlin Ahmad of Argus Media.
Jonathan Barratt, BarrattsBulletin.com sees Brent crude heading back to USD 100-105 a barrel since the demand remains muted.
NS Ramaswamy of Ventura Commodities believes that the US consumer confidence data or the housing data is building up more pressure on the bullion pack.
Commodity market expert, Kishore Narne, Motilal Oswal Commodity Broker said to sell MCX crude on a strict breakdown below Rs 5630 per bbl for the day. He is looking at targets close to Rs 5520 per bbl and stop loss of Rs 5680 per bbl.
Gold price looks slightly sluggish now but one should wait for a technical break down to sell gols, says Kishore Narne of Motilal Oswal Commodity.