Crude oil prices traded higher with benchmark NYMEX WTI crude oil prices were trading 0.76% up to $70.25 per barrel for the day. MCX Crude oil September futures were trading 0.88% higher near Rs. 5172 per barrel by noon session.
Crude oil prices extended weekly gains trading higher on Monday on lower supply concerns. Crude oil prices rose on slower output recovery in Gulf of Mexico from the damage caused by hurricane Ida. About three-quarters of the offshore oil production in the U.S. Gulf of Mexico, or about 1.4 million barrels per day, has remained halted since late August.
Crude oil prices are expected to trade sideways to up for the day with resistance at $72 and support at $69 per barrel. MCX Crude oil September has support at Rs. 5080, resistance at Rs. 5270.