Crude oil futures plunge 4.28% on weak Asian cues

NEW DELHI, Dec 1:  Crude oil futures tumbled 4.28 per cent to trade at Rs 4,030 per barrel as speculators indulged in reducing exposures after it fell to new multi-year lows in Asian trade.
At the Multi Commodity Exchange, crude oil for delivery in December fell sharply by Rs 180, or 4.28 per cent, to Rs 4,030 per barrel in 3,183 lots.
Oil for January next delivery plunged by Rs 176, or 4.15 per cent, to Rs 4,068 per barrel in a turnover of 229 lots.
Sentiment remained weak at futures trade as crude prices fell further in Asian trade to new multi-year lows, sparked by OPEC’s decision to maintain crude output in an oversupplied market, analysts said.
The unabated price plunge comes after the 12-nation Organisation of Petroleum Exporting Countries (OPEC) opted Thursday to maintain its collective output ceiling at 30 million barrels per day, where it has stood for three years.
Meanwhile, West Texas Intermediate crude for January delivery dipped USD 1.55 to USD 64.60, its lowest intra-day level of since July 2009. Also, brent crude for January sank USD 1.84 to USD 68.31 a barrel, below the psychologically importer USD 70 level on the New York Mercantile Exchange. (PTI)


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