Crude oil futures plunge 2.53% on weak Asian cues

Crude oil tumbled 2.53 per cent to Rs 1,851 per barrel in futures trade today as speculators cut their bets amid weak cues from the Asian markets where it fell below USD 27 a barrel.
At the Multi Commodity Exchange, crude oil for delivery in February dropped by Rs 48 or 2.53 per cent to Rs 1,851 per barrel in business turnover of 22,606 lots.
Likewise, the oil for delivery oil in March contracts moved down by Rs 25, or 1.21 per cent to Rs 2,036 per barrel in 2,349 lots.
Analysts said trading sentiment turned bearish at futures trade after crude oil tumbled below USD 27 a barrel in Asia today as the oversaturated market struggled to cope with high inventories in the United States and an increased output from OPEC.

Globally, US benchmark West Texas Intermediate for March delivery was down 55 cents, or 2.0 per cent, at USD 26.90, while Brent crude for April fell 32 cents, or 1.04 per cent, to USD 30.52 a barrel on the New York Mercantile Exchange.