Crude oil prices traded higher with benchmark NYMEX WTI crude oil prices were trading 0.42% up at $72.42 per barrel for the day. MCX Crude oil June futures were up by 0.59% at Rs. 5311 by noon session.
Crude oil prices extended gains for the fifth consecutive day supported by drawdown in weekly inventories and higher demand prospectus. The US API data showed a draw of 8.53 mb for the week which may reflect in today's official inventory data.
Crude oil prices are expected to trade up for the day with resistance at $74 and support at $70 per barrel. MCX Crude oil June has support at Rs. 5250, resistance at Rs.5380.