Crude oil futures dip on weak global cues

Crude oil prices plunged by Rs 82, or 2.41 per cent, to Rs 3,327 per barrel in futures trading today on heavy off-loading by speculators after metal tumbled to 8-months low in global market.

Trading sentiment turned extremely lower after Oil prices fell to below USD 69 a barrel in Asia, extending losses to an eight-month low as mixed US crude supply figures failed to stem a two week sell-off.

At the National Commodity and Derivatives Exchange counter, crude oil for June month contract plunged by Rs 82, or 2.41 per cent, to Rs 3,327 per barrel with an open interest of 6,800 lots.

Similarly, the oil for delivery in May contract tumbled by Rs 65, or 2.02 per cent, to Rs 3,155 per barrel in business turnover of 21,800 lots.
    
Marketmen said fall in crude oil prices at futures market was due to steep fall in global market where it touched an 8-month low.
    
Meanwhile, crude for June delivery was down 81 cents to USD 68.60 a barrel on the New York Mercantile Exchange.