Crude Oil Futures Plunge On Subdued Global Cues

Crude oil futures declined by Rs 16 at Rs 3,794 per barrel on Tuesday after participants reduced positions tracking a subdued trend in global markets.

On the Multi Commodity Exchange, crude oil for delivery in November dropped by Rs 16, or 0.42 per cent, to Rs 3,794 per barrel in 20,546 lots. Crude oil for December delivery traded lower by Rs 12, or 0.31 per cent, at Rs 3,812 per barrel in 130 lots.

Analysts said the fall in crude oil futures was mostly due to trimming of positions by traders amid weak global cues. Globally, West Texas Intermediate crude oil fell 0.21 per cent to USD 53.20 per barrel and Brent Crude slipped 0.10 per cent to USD 58.90 per barrel in New York.

(PTI)