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Crude oil futures plunged Rs 55 to Rs 3,318 per barrel today as speculators reduced their bets due to a weak 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 1.5 per cent to Rs 3,349 per barrel in 143 lots.
Marketmen said trading sentiment dampened at the futures trade as 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 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 $50.41, while Brent crude slipped 24 cents to $55.88 per barrel on the New York Mercantile Exchange.
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