Crude oil futures fall on weak global cues

Crude oil futures plunged by Rs 24 to Rs 3,580 per barrel today as speculators reduced their bets amid a weakening trend overseas.
At the Multi Commodity Exchange, crude for delivery in March dropped Rs 24, or 0.67 per cent, to Rs 3,580 per barrel in 3,062 lots.
Similarly, oil for delivery in far-month May moved down Rs 22, or 0.60 per cent, to Rs 3,622 per barrel in 81 lots.
Marketmen said the trading sentiment at futures trade dampened after crude oil prices eased in global market after government data showed that the US crude stockpiles rose to a record, offsetting OPEC's efforts to drain a global glut.

Crude supplies climbed 1.5 million barrels to 520.2 million barrels, the highest in weekly data going back to 1982.
Meanwhile, West Texas Intermediate (WTI) crude fell 0.46 per cent, to USD 53.58, while Brent crude slipped 0.35 per cent, to USD 56.16 per barrel on the New York Mercantile Exchange.