Hot Commodities: Oil Tumbles Amid Slide In Equities, MCX Futures Under Rs 4200 Mark

MCX Crude oil futures succumbed to heavy losses as a slide in global crude oil futures following the weak undertone in equities hurt the sentiments. Asian equities tumbled on weak overnight cues amid concerns about tighter regulations on the technology industry following the Facebook data leak scandal. Major indices are down across the board with Nikkei and Strait Times tumbling more than 1% and Hang Seng plummeting more than 2%. Shanghai stocks also fell 1.4%. This pulled oil lower after the commodity eased from a three month high and WTI Crude oil futures are currently trading at $ 64.47 per barrel, down 1.20% on the day. MCX Crude oil futures tanked under Rs 4200 per barrel just before the lunch hour and currently trade at Rs 4191 per barrel, down around 1% on the day. EIA weekly crude oil inventories data is also due today, keeping traders cautious.