Crude oil prices traded higher with benchmark NYMEX WTI crude oil prices were trading 1.02% up near $76.22 per barrel for the day. MCX Crude oil October futures were trading 1.29% up near Rs. 5651 per barrel by noon session.
Crude oil prices extended gains for the sixth consecutive day on tighter supply and higher demand outlook. Many nations including Japan are considering to lift COVID-19 restrictions which may boost demand for crude oil. The rally in Natural gas prices has also raised demand for crude oil as alternate fuel. The struggle of OPEC plus nations to meet output quota may remain continuous support for Crude oil prices.
Crude oil prices are expected to trade up for the day with resistance at $78 and support at $74 per barrel. MCX Crude oil October has support at Rs. 5560, resistance at Rs. 5720.