Crude oil futures plunged 1.56 per cent to Rs 6,431 per barrel today, as speculators engaged in offloading positions amid a weak trend in Asian trade on concerns over US budget impasse.
On the Multi Commodity Exchange, crude oil for delivery in October traded down by Rs 102 or 1.56 per cent at Rs 6,431 per barrel in 3,846 lots. Similarly, the oil for November delivery moved down by Rs 101 or 1.54 per cent to Rs 6,449 per barrel in 288 lots.
Analysts said the trading sentiment dampened at the futures trade in line with a weak trend in Asian trade on concerns that the US Government is headed for a shutdown over a budget stalemate that would reduce demand in the world’s largest oil consumer.
Meanwhile, West Texas Intermediate (WTI) crude for November delivery was down $1.16 to $101.71 a barrel on the New York Mercantile Exchange in the mid-morning trade today.