Crude oil futures fall on weak global cues

NEW DELHI, Oct 3:  Crude oil futures plunged by Rs 55 to Rs 3,318 per barrel today as speculators reduced bets amid a weakening trend overseas.
At the Multi Commodity Exchange, crude for delivery in October dropped Rs 55, or 1.63 per cent, to Rs 3,318 per barrel in 3,594 lots.
Similarly, the oil for delivery in November moved down Rs 51, or 1.50 per cent, to Rs 3,349 per barrel in 143 lots.
Marketmen said the trading sentiment at futures trade dampened after crude oil prices eased in global market amid signs of an uptick in crude output as data showed Opec oil output rose last month.
As per the report, Organization of the Petroleum Exporting Countries output rose by 50,000 barrels a day in September as the cartel’s overall compliance with its production-cut agreement fell to 86 per cent.
Meanwhile, West Texas Intermediate (WTI) crude fell 17 cents to USD 50.41, while Brent crude slipped 24 cents to USD 55.88 per barrel on the New York Mercantile Exchange. (PTI)