Crude oil futures plunge 0.97 percent on weak overseas trend

Crude oil futures plunge 0.97 percent on weak overseas trend

Crude oil futures fell by 0.97 per cent to Rs 3,165 per barrel today as speculators reduced positions amid a weakening trend in global markets.

At the Multi Commodity Exchange, crude oil for delivery in March was trading Rs 31 down, or 0.97 per cent lower, at Rs 3,165 per barrel in 3,406 lots. Oil for April delivery also moved down Rs 26, or 0.80 per cent lower to Rs 3,219 per barrel in 1,229 lots.

Traders said that the trading sentiment dampened futures trade after oil prices dropped in global markets.

Meanwhile, West Texas Intermediate (WTI) crude was down 35 cents, to USD 48.43, while Brent crude, used to price international oils, lost 24 cents to USD 51.52 a barrel on the New York Mercantile Exchange. Read More…

 

Credit By : Newindianexpress.com

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