Crude oil futures plunge Rs 36 on Asian cues

Crude oil futures fell by Rs 36 to Rs 2,722 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 36, or 1.31 per cent, to Rs 2,722 per barrel in 4,490 lots.
Oil for May delivery moved down Rs 33, or 1.16 per cent, to Rs 2,803 per barrel in 82 lots.
The trading sentiments at futures trade here dampened after crude oil prices dipped slightly during the early hours of Asian trading today as fresh oversupply concerns spurred by an increase in operational US rigs bridled a recent rally, analysts said.

This follows a week of gains that lifted US benchmark West Texas Intermediate (WTI) above USD 40 for the first time since December, buoyed by a sharp drop in the dollar, making oil more affordable, and revived optimism that producers would strike a deal to freeze output.
Meanwhile, West Texas Intermediate (WTI) crude for April fell 43 cents (1.09 per cent) to USD 39.01, while Brent crude for May eased 16 cents to USD 41.04 per barrel on the New York Mercantile Exchange.