Crude oil prices traded weak with benchmark NYMEX WTI crude oil prices were trading 0.26% down to $69.12 per barrel for the day. MCX Crude oil September futures were trading near Rs. 5089 per barrel by noon session.
Crude oil prices have regained momentum holding grounds above $69 per barrel on slower output recovery in Gulf of Mexico from the damage caused by hurricane Ida. Around 77%, or about 1.4 million barrels per day (bpd), of U.S. Gulf of Mexico production remained offline as of Tuesday. The US API data showed drawdown of 2.88 mb in previous week.
Crude oil prices are expected to trade sideways to up for the day with resistance at $70 and support at $68 per barrel. MCX Crude oil September has support at Rs. 4980, resistance at Rs. 5180.