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Crude oil prices up on supply concerns, higher demand; WTI trades above $70/bbl

Crude oil prices are expected to trade up for the day with resistance at $73 and support at $70 per barrel, said Patel.

Mumbai / September 21, 2021 / 07:07 PM IST

Crude oil prices traded firm on US supply tightness, feeble dollar and rising COVID-19 vaccination across the globe. The oil price was aided by a rebound in the Chinese’s economy, higher demand and improved risk sentiment.

The energy commodity has traded in the green since morning, tracking the positive global trend.

On the MCX, crude oil delivery for October jumped Rs 14, or 0.27 percent, to Rs 5,224 per barrel at 18:31 hours IST with a business turnover of 4,455 lots. The delivery for November edged higher Rs 14, or 0.27 percent to Rs 5,214 per barrel with a business volume of 79 lots.

The value of October and November’s contracts traded so far is Rs 797.35 crore and Rs 6.06 crore, respectively.