MUMBAI (Commodity Online): The trend in crude oil futures for July delivery on India's Multi Commodity Exchange (MCX) looks bullish for the day and traders are advised to stay on buying side.
?For intra-day, support for the commodity is seen at 6270 while resistance is seen at 6350. If prices break the level of 6350 then the commodity is expected to move towards 6400,? said Amrita Mashar, Research Analyst at Commodity Online.
MCX crude oil futures for July delivery was seen trading up by 0.56% at Rs. 6320 per barrel as of 06.33 PM IST on Tuesday.
Crude oil prices in the global market edged up on Tuesday and touched three month high due to a fall in inventories, political tensions in the middle east and higher demand.
Production and supply disruptions in African countries (in Libya, Nigeria and others) were seen supporting crude oil prices to certain extent.
WTI crude oil futures on NYMEX for September delivery was seen trading up by 0.41% at $106.36 per barrel as of 06.42 PM IST on Tuesday.
Traders are eyeing on weekly crude oil inventory data which is scheduled to be released by the American Petroleum Institute (API) at 02.00 AM IST on Wednesday.
Meanwhile, with geopolitical uncertainties dotting the planet in the form of political threats and OPEC supply losses, investment bank Goldman Sachs has said that risks for Brent crude oil has migrated to the upside, Bloomberg News cited.
?Reduced output in Libya, Iraq and Nigeria have the potential to limit the availability of oil, according to an e-mailed report. The bank forecast Brent will trade at an average of $105 a barrel in the second half,? the news report noted.
The United State's seasonally adjusted Consumer Price Index (CPI) for all urban consumers increased 0.5 percent in June after increasing 0.1 percent in May. The index for all items less food and energy rose 0.2 percent in June, the same increase as in May.
Brent crude oil futures on NYMEX for September delivery was seen trading up by 0.29% at $108.40 per barrel as of 06.42 PM IST on Tuesday.
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