Investors and traders should adopt a cautiously bullish stance on crude oil. The recent 30% increase from June's low of $71.60 to the current $93 suggests upward momentum but may have limitations, potentially reaching levels around $106-$110 in the next six months, offering a 10-15% upside, according to Jateen Trivedi, Vice President, Research Analyst at LKP Securities. However, it's essential to be aware of the higher risk of a decline towards $80-$85. Regarding the near-term outlook for Brent and WTI crude oil prices, they could rise by approximately 4-5%, reaching around $98 and $95 per barrel, respectively. For the full year 2023, prices may touch levels of $105 and $100 per barrel due to factors like supply constraints and increasing global demand. OPEC's production cuts, in collaboration with Russia, are expected to result in a supply deficit of around 3.3 million barrels per day (mbpd) in the near term. This forecast is consistent with both OPEC and the IEA. For India, a major crude oil importer, fluctuations in oil prices can impact the Current Account Deficit (CAD) due to higher import costs. This puts pressure on the Indian rupee, which has recently fallen below 83.00 against the US dollar. However, India's attractiveness to foreign investment has helped support the rupee, depending on factors like the sustainability of oil price increases, government policies, and global economic conditions. The production cuts by Russia and Saudi Arabia could indeed pose challenges for global central banks. If crude oil prices surge above $110 per barrel and remain at that level, it could potentially reignite inflation concerns. The balance between managing inflation and supporting economic growth will be a key challenge for central banks. Hedge funds and oil companies are buying dollars as a precaution against further gains in the dollar index. Traders and investors are advised to take a moderate approach to crude oil investment or trading at current levels, considering the recent price increase. More aggressive positions can be considered on price dips near $85-$88, as this offers a favorable risk-reward ratio. A bullish outlook is recommended as long as the $80 support level holds, with potential price targets around $105.