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Crude oil futures plunge Rs 68 on weak Asian cues

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NEW DELHI: Crude oil futures fell sharply by Rs 68 to Rs 2,990 per barrel on Thursday as speculators reduced bets amid a weakening trend in Asian trade.

At Multi Commodity Exchange, crude for delivery in October month contracts dropped Rs 68 or 2.22 per cent to Rs 2,990 per barrel in 187 lots.

Similarly, oil for September delivery was trading 53 or 2.11 per cent down at Rs 2,926 per barrel in 1,807 lots. Analysts said the fall in crude oil futures is mostly in step with a sluggish trend in Asian trade as dealers focused on an upcoming US energy report for clues about production and demand in the world’s top crude consumer amid abundant global supplies.

Meanwhile, US benchmark West Texas Intermediate for October delivery fell 65 cents to $43.50 while Brent crude for October dropped 76 cents to $46.82 in late-morning trade.

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