Crude oil prices traded modestly higher on supply interruption in the Gulf of Mexico as tropical storm Ida is likely to hit the Gulf Coast this weekend. However, improving supply in Mexico, rising coronavirus cases, and mixed economic data from the US and China weighed on the price.
The energy commodity traded in the green after a gap-up start, tracking the firm overseas trend.
On the MCX, crude oil delivery for September rose Rs 9, or 0.18 percent, to Rs 5,053 per barrel at 16:16 hours IST with a business turnover of 5,210 lots. The delivery for October increased Rs 5, or 0.10 percent to Rs 5,049 per barrel with a business volume of 291 lots.
The value of September and October’s contracts traded so far is Rs 891.92 crore and Rs 17.62 crore, respectively.