Crude oil futures slump Rs 47 per barrel on global cues

Crude oil futures nosedived by Rs 47 to Rs 2,066 per barrel today as traders cut down their bets after it eased in Asia today.
In futures trading, crude oil for delivery in January was trading sharply lower by Rs 47, or 2.22 per cent, at Rs 2,066 per barrel, with a business volume of 11,020 lots at Multi Commodity Exchange (MCX).
Oil prices for February delivery also dropped by Rs 39, or 1.78 per cent, to trade at Rs 2,151 per barrel, with a business volume of 1,537 lots.
Marketmen said the fall in crude oil futures is mostly in line with a weakening trend in the Asian trade with the under-pressure commodity sitting around 12-year lows as dealers prepare for the return of Iranian exports on to the market while US stockpiles increase.

However, there is talk that crude -- which have plunged by three quarters in the past 18 months on weak demand, a slow global economy and an oversupply crisis -- could be nearing its bottom.
Meanwhile, West Texas Intermediate crude oil for delivery in February was down 52 cents, or 1.67 per cent, at USD 30.68, while Brent for March eased 22 cents, or 0.71 per cent, at USD 30.66 a barrel on the New York Mercantile Exchange.
This week both main contracts fell below USD 30 a barrel for the first time since the first half of 2004.