Crude oil futures tumble on weak Asian cues

Crude oil futures plunged Rs 61 to Rs 3,241 per barrel today as speculators reduced positions following a weakening trend in Asian trade after fresh data showed that manufacturing activity in top energy consumer China contracted in August.
At the Multi Commodity Exchange, crude oil for delivery in October dropped Rs 61, or 1.85 per cent, to Rs 3,241 per barrel in 814 lots.
In a likewise manner, oil for September delivery moved down Rs 49, or 1.52 per cent, to Rs 3,181 per barrel in 1,363 lots.
Meanwhile, West Texas Intermediate (WTI) crude for October eased USD 1.50 to USD 47.70 while Brent crude for October dropped USD 1.46 to USD 52.69 a barrel in late-morning trade on the New York Mercantile Exchange.

Meanwhile, WTI surged 8.8 per cent and Brent advanced 8.2 percent on Monday as the US government lowered its domestic production estimate and the OPEC cartel said it was "ready to talk" to producers about prices which had fallen to their lowest levels in six and a half years last month.