Crude oil futures plunge 0.95% on weak global trend

Crude oil futures fell by 0.95 per cent to Rs 3,009 a barrel today as speculators reduced positions amid a weakening trend overseas.
At the Multi Commodity Exchange, crude oil for delivery in September traded at Rs 29, or 0.95 per cent lower, at Rs 3,009 a barrel in 4,136 lots.
Oil for October delivery also moved down Rs 17, or 0.55 per cent, to Rs 3,073 per barrel in 141 lots.
The trading sentiment dampened in futures trade here after oil prices resumed their downward momentum as dealers assess the impact of Hurricane Harvey on the crude-rich Gulf Coast, with dozens of refineries out of action meaning the commodity cannot be processed, analysts said.

Meanwhile, West Texas Intermediate (WTI) crude was down 27 cents at USD 46.96, while Brent crude shed 12 cents to USD 52.74 a barrel on the New York Mercantile Exchange.