Crude oil futures plunge 1.87% on Asian cues

Crude oil futures fell by 1.87 per cent to Rs 2,524 per barrel today as speculators cut down their positions amid a weakening trend in Asian trade.
At Multi Commodity Exchange, crude for delivery in April dropped Rs 48, or 1.87 per cent, to Rs 2,524 per barrel in 8,693 lots.
Oil for May delivery moved down Rs 50, or 1.86 per cent, to Rs 2,632 per barrel in 697 lots.
Analysts attributed the fall in crude futures to a weak trend in Asian trade as ongoing worries about the global supply glut overshadowed the benefits of a weakening dollar.

Official data released Wednesday showing US commercial crude inventories climbing to a fresh record high last week further underscored concerns about a market brimming with supplies and not enough demand.
Meanwhile, West Texas Intermediate (WTI) crude for May fell 29 cents to USD 38.05, while Brent crude for June, a new contract eased 34 cents to USD 39.99 per barrel on the New York Mercantile Exchange.