Commodities

Crude oil futures extend losses on weak Asian cues

PTI New Delhi | Updated on March 12, 2018 Published on October 10, 2014

Crude oil futures plunged by 2.49 per cent to Rs 5,124 per barrel today as speculators indulged in trimming positions after it sank to over two-year lows in Asian markets.

At the Multi Commodity Exchange, crude oil for delivery in November shed Rs 131, or 2.49 per cent, to Rs 5,124 per barrel in 850 lots.

The oil for delivery in October moved down by Rs 128, or 2.43 per cent, to Rs 5,136 per barrel in a volume of 5,658 lots.

Market analysts said trading sentiment remained subdued in futures trade, tracking a weak trend in Asian trade where crude sank to more than two-year lows as weak economic data from Germany underscored concerns over a global economic slowdown and its impact on energy demand.

Meanwhile, West Texas Intermediate (WTI) crude oil for November delivery tumbled by USD 1.49 to USD 84.87 a barrel on the New York Mercantile Exchange, its weakest level since June 2012.

Brent crude for November dipped USD 1.61 to USD 88.44 per barrel, also the lowest level since June 2012.

Published on October 10, 2014
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