NEW DELHI, Oct 16: Crude oil futures tumbled 2.70 per cent to Rs 4,976 per barrel today after speculators reduced exposures amid a subdued trend in Asian trade.
At the Multi Commodity Exchange, crude oil for delivery in November fell by Rs 138, or 2.70 per cent, to Rs 4,976 per barrel in 646 lots.
Oil for October delivery moved down by Rs 134, or 2.62 per cent, to Rs 49,88 per barrel in a turnover of 2,213 lots.
The trading sentiment weakened at futures trade as crude prices fell in Asian trade following another massive sell-off in equities, as traders became increasingly concerned about the global economic outlook, analysts said.
Meanwhile, West Texas Intermediate crude oil for November delivery fell 90 cents to a two-year low of USD 80.88 a barrel and Brent crude for November retreated 43 cents to USD 83.35, levels last seen four years ago in late-morning trade. (PTI)
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