In the futures market, crude oil for July delivery touched an intraday high of Rs 2,983 and an intraday low of Rs 2,924 per barrel on the MCX
Crude oil futures rose to Rs 2,977 per barrel on June 26 as participants increased their long positions.
Tapan Patel, Senior Analyst (Commodities), HDFC Securities, said crude oil prices gained on mixed global cues with a rally in equity indices despite rising virus cases and bearish weekly inventory data. "Prices are heading for another weekly loss on concerns over fuel demand recovery."
In the futures market, crude oil for July delivery touched an intraday high of Rs 2,983 and an intraday low of Rs 2,924 per barrel on Multi-Commodity Exchange (MCX). So far in the current series, black gold has touched a low of Rs 1,655 and a high of Rs 3,108.
Crude oil futures for July delivery gained Rs 22, or 0.75 percent, to Rs 2,969 per barrel at 15:04 hours IST on a business turnover of 4,931 lots.
The same for August delivery jumped Rs 23, or 0.77 percent, to Rs 2,999 per barrel on business volume of 116 lots.
The value of July and August contracts traded so far is Rs 1,273.77 crore and Rs 3.61 crore, respectively.
Patel expects oil prices to trade sideways to up for the day with support at $36 and resistance at $42. "See support and resistance for MCX July Crude Oil futures at Rs 2,850 and Rs 3,010, respectively."
West Texas Intermediate crude gained 1.24 percent at $39.20 per barrel, while Brent crude, the London-based international benchmark, was up 1.39 percent to $41.62 per barrel.
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