Crude oil futures jumped to Rs 2,593 per barrel on May 27 as participants increased their long positions.
Oil prices fell after US President Donald Trump's comments on China related to national security laws on Hong Kong.
Tapan Patel, Senior Analyst (Commodities), HDFC Securities, said crude oil prices witnessed a decline on demand growth worries with rising tensions betweeen the US and China.
Crude oil prices are trading down on concerns of the pace of demand recovery even after the opening of the lockdown measures.
In the futures market, crude oil for June delivery touched an intraday high of Rs 2,606 and an intraday low of Rs 2,544 per barrel on MCX. So far in the current series, black gold has touched a low of Rs 1,361 and a high of Rs 4,415.
Crude oil delivery for June gained Rs 16, or 0.62 percent, to Rs 2,590 per barrel at 15:10 hours IST with a business turnover of 4,945 lots.
Crude oil delivery for July rose Rs 18, or 0.68 percent, to Rs 2,646 per barrel with a business volume of 202 lots.
The value of June and July contracts traded so far is Rs 996.71 crore and Rs 5.61 crore, respectively.
Patel expects oil prices to trade sideways to down for the day with support at $32 and resistance at $36. MCX Crude oil June futures has support at Rs 2,480 with resistance at Rs 2,650.
West Texas Intermediate crude slipped 0.47 percent at $34.19 per barrel, while Brent crude, the London-based international benchmark was down 0.80 percent to $35.88 per barrel.For All Commodities Related News - Click Here