Crude oil futures tumbled Rs 65 to Rs 2,179 per barrel today after it fell further in Asia today on persistent worries over the growth slowdown in China and a supply glut.
At the Multi Commodity Exchange, crude oil for delivery this month was trading sharply lower by Rs 65 or 2.9 per cent at Rs 2,179 per barrel, with a business volume of 1,191 lots.
Similarly, the oil prices for February delivery moved down Rs 58 or 2.48 per cent to trade at Rs 2,282 per barrel with a business volume of 1,191 lots.
The fall in crude oil futures is mostly in step with a weak trend in the Asian trade where it fell further on persistent worries over the growth slowdown in China and a supply glut, but analysts said the ongoing tensions between producer giants Iran and Saudi Arabia could provide some support.
Meanwhile, West Texas Intermediate crude oil for delivery in February was down 68 cents to $32.48, while Brent crude for February delivery eased 69 cents to $32.86 a barrel on the New York Mercantile Exchange.
Both contracts slid about 10 per cent last week to a 12-year low as global markets were hammered by concerns about China, the world’s biggest energy consumer, which overshadowed a strong US jobs report. PTI SUN KPS PRB MR 01111138.