Crude oil plunges over 5% in futures trade

Crude oil prices plunged by 5.06 per cent to Rs 4,712 per barrel in the evening session in futures trading today as speculators reduced their exposures amid a weak trend in Asian trade.
The exchange opened for the evening session as it remained closed in the morning for 'Muharram'.
At the Multi Commodity Exchange, crude oil for delivery in November month contract fell sharply Rs 251, or 5.06 per cent to Rs 4,712 per barrel in business turnover of 16,218 lots.
Similarly, oil for delivery in December traded lower by Rs 242, or 4.85 per cent to Rs 4,748 per barrel in 1,583 lots.

Analysts said the sentiment dampened in futures trade after crude oil prices extended losses in Asia after leading global producer Saudi Arabia slashed its export prices for the US market while hiking them for Asia.
Meanwhile, West Texas Intermediate (WTI) for December delivery fell 40 cents to USD 78.38 in mid-morning trade, below its lowest settlement point since June 2012.
Brent crude for December was also down 38 cents at USD 84.40 a barrel.