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Crude oil prices dip by 0.39% in futures trade on weak Asian cues
SME News, Tuesday, Oct 30, 2012 16:07:05 PM IST
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NEW DELHI: Crude oil prices plunged by 0.39 per cent to Rs 4,630 per barrel in futures trade today as speculators trimmed positions tracking a weak trend in Asia.
At the Multi Commodity Exchange, crude oil for delivery in November shed Rs 18, or 0.39 per cent, to Rs 4,630 per barrel, with a business volume of 4,505 lots.
In the similar fashion, the December contract moved down by Rs 18, or 0.38 per cent, to Rs 4,682 per barrel, with a turnover of 398 lots.
Marketmen opined that the drop in crude oil futures prices was in line with a sluggish trend in Asia after mega-storm Sandy tore through the eastern coast of the United States and forced the shutdown of refineries, roads and airports.
Meanwhile, crude oil for delivery in October was down 28 cents to $85.26 a barrel on the New York Mercantile Exchange.
