Crude oil futures plunges Rs 65 per barrel on global cues

Crude oil futures tumbled Rs 65 to Rs 2,179 per barrel on Monday after it fell further in Asia today on persistent worries over the growth slowdown in China and a supply glut. In futures trading, crude oil for delivery this month was trading sharply lower by Rs 65 or 2.9 per cent at Rs 2,179 per barrel, with a business volume of 1,191 lots at Multi Commodity Exchange (MCX).

Oil prices for February delivery moved down Rs 58 or 2.48 per cent to trade at Rs 2,282 per barrel with a business volume of 1,191 lots. The fall in crude oil futures is mostly in step with a weakening trend in the Asian trade where it fell further on persistent worries over the growth slowdown in China and a supply glut but analysts said ongoing tensions between producer giants Iran and Saudi Arabia could provide some support.

Meanwhile, West Texas Intermediate crude oil for delivery in February was down 68 cents to USD 32.48, while Brent for February eased 69 cents to USD 32.86 a barrel on the New York Mercantile Exchange. Both contracts slid about 10 per cent last week to a 12-year low as global markets were hammered by concerns about China, the world's biggest energy consumer, which overshadowed a strong US jobs report.