Crude oil prices traded in marginally positive territory on sharp drawdown in US inventories and the prospects of a rebound in global economic recovery. The oil prices were supported by weakness in the dollar index and a recovery in the equity indices.
The energy commodity pared gains in the evening session after a flat-to- gap-up start, on a positive global trend.
On the MCX, crude oil delivery for August marginally gained Rs 1, or 0.02 percent, to Rs 5,404 per barrel at 16:15 hours IST with a business turnover of 5,923 lots. The delivery for September rose Rs 1, or 0.02 percent to Rs 5,370 per barrel with a business volume of 239 lots.
The value of August and September’s contracts traded so far is Rs 535.46 crore and Rs 7.39 crore, respectively.