Crude oil futures fall on weak Asian cues

New Delhi, Crude oil futures plunged by Rs 35 to Rs 2,924 per barrel today as speculators reduced bets amid a weakening trend in Asian trade.

At Multi Commodity Exchange, crude for delivery in September dropped Rs 35, or 1.18 per cent, to Rs 2,924 per barrel in 282 lots.

Similarly, oil for delivery in August moved down Rs 31, or 1.07 per cent, to Rs 2,860 per barrel in 4,014 lots.

Analyst said the trading sentiments at futures trade dampened after crude oil prices retreated in Asia after rebounding overnight on news that OPEC is planning informal talks next month -- a sign it could intervene to strengthen prices.

The Organization of the Petroleum Exporting Countries said in a statement that a meeting would take place on the sidelines of the International Energy Forum in Algeria from September 26 to 28, ahead of a planned meeting due at the end of November.

Meanwhile, West Texas Intermediate (WTI) crude fell 36 cents to USD 42.66, while Brent crude lost 41 cents to USD 44.98 per barrel on the New York Mercantile Exchange.

PTI