Crude oil futures plunge 2.11% on weak Asian trend

Crude oil futures tumbled by 2.11 per cent to Rs 3,250 per barrel today as speculators reduced positions amid a weakening trend in Asian markets.
At Multi Commodity Exchange, crude oil for delivery in June traded Rs 70, or 2.11 per cent lower, at Rs 3,250 per barrel in 8,595 lots.
Oil for May delivery also moved down Rs 68, or 2.08 per cent, to Rs 3,200 per barrel in 19,847 lots.
The trading sentiment dampened in futures trade after oil prices extended their retreat in Asia today after hawkish US Federal Reserve meeting minutes strengthened the dollar and a weekly report showed a rise in US crude stockpiles, analysts said.

The US stockpiles rose 1.3 million barrels in the week ending May 13, indicating softer demand in the world's top oil consumer.
Prices hit fresh 2016 highs on Wednesday due in part to production outages resulting from persistent wildfires around the Canadian oil sands hub of Fort McMurray but pulled back to settle lower after the dollar climbed.
A stronger greenback makes dollar-priced oil more expensive, denting demand and hurting prices.
Meanwhile, West Texas Intermediate (WTI) crude for June delivery was down 72 cents, or 1.49 per cent, to USD 47.47, while Brent crude for July dipped 84 cents, or1.72 per cent to USD 48.09 a barrel on the New York Mercantile Exchange.