Crude oil futures weaken on muted global cues

NEW DELHI: Crude oil prices plunged 0.87 per cent to Rs 4,435 per barrel on Thursday as speculators reduced bets amid a weakening trend overseas.

On the Multi Commodity Exchange, crude for delivery in April fell by Rs 39, or 0.87 per cent, to trade at Rs 4,435 per barrel in a business turnover of 23,652 lots.

Similarly, oil for delivery May moved down by Rs 31, or 0.69 per cent, to Rs 4,461 per barrel in 2,614 lots.

Marketmen said trading sentiment in futures trade dampened on signs of rising crude stockpiles in the US, coupled with reports of global slowdown.

Meanwhile, West Texas Intermediate (WTI) crude fell 0.53 per cent to USD 64.27 per barrel, while Brent crude fell 0.40 per cent to USD 71.44 a barrel on the New York Mercantile Exchange.