 "Crude oil plunges by 2.7% on Asian cues")
Crude oil futures tumbled 2.70% to Rs 4,976 per barrel today after speculators reduced exposures amid a subdued trend in Asian trade.
At the Multi Commodity Exchange, crude oil for delivery in November fell by Rs 138, or 2.70%, to Rs 4,976 per barrel in 646 lots.
Oil for October delivery moved down by Rs 134, or 2.62%, to Rs 49,88 per barrel in a turnover of 2,213 lots.
Meanwhile, West Texas Intermediate crude oil for November delivery fell 90 cents to a two-year low of $80.88 a barrel and Brent crude for November retreated 43 cents to $83.35, levels last seen four years ago in late-morning trade.
At the Multi Commodity Exchange, crude oil for delivery in November fell by Rs 138, or 2.70%, to Rs 4,976 per barrel in 646 lots.
Oil for October delivery moved down by Rs 134, or 2.62%, to Rs 49,88 per barrel in a turnover of 2,213 lots.
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The trading sentiment weakened at futures trade as crude prices fell in Asian trade following another massive sell-off in equities, as traders became increasingly concerned about the global economic outlook, analysts said.
Meanwhile, West Texas Intermediate crude oil for November delivery fell 90 cents to a two-year low of $80.88 a barrel and Brent crude for November retreated 43 cents to $83.35, levels last seen four years ago in late-morning trade.