Crude Oil Plunges By 2.6% On Weak Asian Cues

December 12, 2014

Crude oil futures plunged 2.57% to Rs 3,718 per barrel today as participants indulged in offloading their positions amid a weakening trend in Asian trade where it sank below the psychological $60-mark.

At the Multi Commodity Exchange, crude oil for delivery in current month contracts fell sharply by Rs 98, or 2.57%, to Rs 3,718 per barrel in 1,952 lots.

In a likewise manner, oil for January 2015 contracts dropped by Rs 99, or 2.57%, to Rs 3,760 per barrel in 279 lots.

The trading sentiment remained weak largely in line with weak trend Asian trade where crude sank further to trade below the psychological $60 mark for the first time since July 2009, analysts said.

Meanwhile, West Texas Intermediate (WTI) crude for January delivery was down 86 cents at $59.09, while Brent crude was down 52 cents at $63.16 a barrel on the New York Mercantile Exchange in mid- morning trade today.

(Business Standard)