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Crude oil prices rise on increasing demand, tight supplies; Brent trades near $75 a barrel

Prices are expected to trade sideways to up for the day with resistance at $75 and support at $72 per barrel.

Mumbai / July 30, 2021 / 05:28 PM IST

Crude oil prices traded modestly higher on tight supplies, growing demand and a sharp fall in the rupee. The oil prices were supported by a rapid increase in vaccination but the surge in the Delta variant capped the upside.

The energy commodity pared earlier losses and traded positive in the evening session after a flat-to-gap-down start.

On the MCX, crude oil delivery for August soared Rs 23, or 0.42 percent, to Rs 5,470 per barrel at 16:41 hours IST with a business turnover of 7,778 lots. The delivery for September jumped Rs 24, or 0.44 percent to Rs 5,437 per barrel with a business volume of 255 lots.

The value of August and September’s contracts traded so far is Rs 580.33 crore and Rs 7.59 crore, respectively.