Crude oil futures plunge to Rs. 5,569 per barrel

Crude oil futures fell 1.82 per cent to Rs. 5,569 per barrel today as speculators trimmed their positions amid a weak trend in Asian trade after a sharp slowdown in Chinese industrial production.

On the Multi Commodity Exchange, crude oil for delivery in September traded lower by Rs. 103 or 1.82 per cent to Rs. 5,569 per barrel in 4,546 lots.

Similarly, the oil for October delivery moved down by Rs. 97 or 1.72 per cent to Rs. 5,556 per barrel in 643 lots.

Trading sentiment eased at the futures trade after crude oil prices fell in Asian trade today after a sharp slowdown in Chinese industrial production raised concerns about slackening demand in the world’s top energy consumer, analysts said.

Meanwhile, West Texas Intermediate (WTI) crude for October delivery eased $1.06 to $91.21, while Brent crude for October delivery fell 63 cents to $96.48 a barrel on the New York Mercantile Exchange in mid-morning trade.