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Crude oil prices modestly up on tight supplies, strong demand outlook; Brent trades near $74 a barrel

Crude may remain range-bound ahead of inventory report however demand concerns may keep pressure on prices.

Mumbai / July 27, 2021 / 05:31 PM IST

Crude oil prices were trading with marginal gains due to tight supplies, lower US stocks and a surge in COVID vaccination across the globe. The oil prices were also supported by strong equity earnings and delays in US-Iran talks.

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

On the MCX, crude oil delivery for August rose Rs 14, or 0.26 percent, to Rs 5,370 per barrel at 16:44 hours IST with a business turnover of 6,378 lots. The delivery for September gained Rs 23, or 0.43 percent to Rs 5,343 per barrel with a business volume of 209 lots.

The value of August and September’s contracts traded so far is Rs 733.95 crore and Rs 8.70 crore, respectively.