Crude oil futures plunge 2.05% on weak overseas cues

Crude oil prices fell by 2.05 per cent to Rs 2,817 per barrel in futures trade in the evening session today after speculators enhanced their positions amid a weak trend in Asia.
The exchange opened for the evening session as it remained closed in the morning for 'Gurunanak Jayanti'.
At the Multi Commodity Exchange, crude oil for delivery in December was trading lower by Rs 59, or 2.05 per cent, at Rs 2,817 per barrel, with a business turnover of 26,865 lots.
The oil for delivery in January next year moved down by Rs 59, or 1.98 per cent, to Rs 2,925 per barrel, with a business volume of 872 lots.

Marketmen said the fall in crude oil futures was largely in tune with a weakening trend in Asian trade as diplomats tried to ease geopolitical tensions sparked by Turkey's shooting down of a Russian fighter jet on the Syrian border.
Prices had surged yesterday following the incident which analysts warned could further heighten tensions among key powers involved in the Syrian conflict and affect crude supplies from the oil-producing Middle East.
Meanwhile, West Texas Intermediate crude prices for January next year delivery was down 11 cents, to USD 42.76, while Brent crude for January was trading seven cents lower at USD 46.05 a barrel on the New York Mercantile Exchange. Both contracts jumped by more than USD 1 after the shooting.