Crude oil futures edged higher on Monday, June 29, 2026, on the Multi Commodity Exchange (MCX), supported by firm demand in the domestic market. The July delivery contract traded at Rs 6,623 per barrel, gaining Rs 46 or 0.7 percent from the previous close. Trading volume stood at 7,088 lots.
Market Performance
The rise in crude oil futures comes amid sustained demand from refineries and industrial consumers. Analysts attribute the uptick to steady consumption patterns and global cues that remain supportive for energy prices. The MCX crude oil contract has been volatile in recent sessions, with traders monitoring supply dynamics and geopolitical developments.
Impact of Global Factors
International crude oil benchmarks also showed mixed trends, with Brent crude hovering near $85 per barrel and West Texas Intermediate (WTI) around $80 per barrel. However, domestic futures have outperformed slightly due to local demand factors. According to market experts, the Indian economy's robust growth has kept crude oil consumption elevated, providing a floor to prices.
Outlook
Moving forward, crude oil prices are expected to remain sensitive to OPEC+ production decisions, US inventory data, and global economic indicators. The July contract expiry may see increased volatility as traders roll over positions. For now, the market remains cautiously optimistic about demand recovery.
