Crude oil prices traded higher with benchmark NYMEX WTI crude oil prices were trading 0.82% up to $71.03 per barrel for the day. MCX Crude oil September futures were trading 0.95% higher near Rs. 5230 per barrel by noon session.
Crude oil prices continued upside as the U.S. Gulf Coast continues to recover from the damage caused by hurricane Ida while region is bracing for another storm. Tropical storm Nicholas is headed towards Texas and Louisiana, with evacuations underway from offshore U.S. Gulf of Mexico oil platforms.
Crude oil prices are expected to trade sideways to up for the day with resistance at $72 and support at $69.80 per barrel. MCX Crude oil September has support at Rs. 5160, resistance at Rs. 5320.