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Crude oil prices jump on expectation of bullish inventory report, strong growth prospects; WTI hover around $72 a barrel

The black gold has been trading higher than 5, 50, 100 and 200 days' moving averages but lower than the 20-day moving averages on the daily chart.

Mumbai / July 28, 2021 / 04:59 PM IST
crude oil

crude oil

Crude oil prices were trading firm after API data showed a drawdown in US stockpiles and strong economic growth prospect despite concerns relating to Delta variant of coronavirus cases. The oil prices rise on prospects of bullish EIA weekly inventory data and IMF maintained global growth forecast at 6 percent and raised forecast for advanced economies.

The energy commodity traded in the green after a gap-up start, tracking the upbeat global trend.

On the MCX, crude oil delivery for August gained Rs 34, or 0.64 percent, to Rs 5,368 per barrel at 15:52 hours IST with a business turnover of 5,540 lots. The delivery for September jumped Rs 19, or 0.36 percent to Rs 5,331 per barrel with a business volume of 226 lots.

The value of August and September’s contracts traded so far is Rs 691.19 crore and Rs 7.44 crore, respectively.