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Crude oil steady amid sharp drawdown of inventory; Choice Broking says prices to rise in the coming week

Technically, WTI Crude oil resistances are at $73.30-$73.95 whereas supports are at $71.65-$70.50.

Mumbai / July 29, 2021 / 04:56 PM IST
The black gold has been trading higher than 5, 20, 50, 100 and 200 days' simple moving averages and exponential moving averages on the daily chart.

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

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.