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Crude hits lower circuit on weak global cues

Continuing its slide, crude oil plunged to hit lower circuit in futures trading on speculative selling by traders, taking cues from weak global markets.

business Updated: Dec 02, 2008 11:46 IST

Continuing its slide, crude oil on Tuesday plunged to hit lower circuit in futures trading on speculative selling by traders, taking cues from weak global markets.

The crude for December-month contract suffered the most and fell 4.12 per cent to hit lower circuit at Rs 2,467 per barrel on the Multi Commodity Exchange. The contract clocked business turnover of 4,983 lots.

January contract for the crude tumbled 3.89 per cent at Rs 2,567 per barrel in a trading turnover of 574 lots, while February contract moved down by 3.32 per cent at Rs 2,675 per barrel. It recorded business turnover of 13 lots.

Market analysts said sentiment remained weak after crude oil fell to more than three-year low in global markets after the US economy, the world's largest energy consumer, is reported to be in a more severe economic slowdown than expected.

Crude oil for January delivery dropped as much as 1.70 dollar, or 3.5 per cent, to 47.58 dollar a barrel on the New York Mercantile Exchange, the lowest since May 20, 2005.

Meanwhile, oil prices have tumbled 67 per cent since reaching a record 147.27 dollar on July 11 as the US, Europe and Japan face their first simultaneous recession since World War II.