Crude oil prices traded higher with benchmark NYMEX WTI crude oil prices were trading half a percent up near $75.33 per barrel for the day. MCX Crude oil October futures were trading 0.36% up near Rs. 5596 per barrel by noon session.
Crude oil prices pared previous loses with softer dollar and higher demand outlook on global power shortage. Earlier, Crude oil prices declined with rise in weekly inventories. The US EIA data showed that crude oil inventories were up by 4.6 million barrels in the week against expectations of rose of 1.7 mb.
Crude oil prices are expected to trade sideways to up with resistance at $78 and support at $74 per barrel. MCX Crude oil October has support at Rs. 5510, resistance at Rs. 5670.