Crude oil futures plunged Rs. 61 to Rs. 3,241 per barrel today as speculators reduced their positions following a weak trend in Asian trade after fresh data showed that manufacturing activity in top energy consumer China contracted in August.
On the Multi Commodity Exchange, crude oil for delivery in October dropped Rs. 61 or 1.85 per cent to Rs. 3,241 per barrel in 814 lots.
Similarly, the oil for September delivery moved down Rs. 49 or 1.52 per cent to Rs. 3,181 per barrel in 1,363 lots.
Meanwhile, West Texas Intermediate (WTI) crude for October delivery eased $1.50 to $47.70, while Brent crude for October delivery dropped $1.46 to $52.69 a barrel in late-morning trade on the New York Mercantile Exchange.
Meanwhile, WTI surged 8.8 per cent and Brent advanced 8.2 per cent on Monday as the US government lowered its domestic production estimate and the OPEC cartel said it was “ready to talk” to producers about prices which had fallen to their lowest levels in six-and-a-half years last month.
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