Crude oil futures dived 1.35 per cent to Rs 1,969 per barrel today as speculators lightened their positions after Brent crude dipped below USD 28 a barrel on fears about a worsening supply glut after Western sanctions on Iran were lifted, allowing Tehran to resume oil exports.
At Multi Commodity Exchange, crude oil for delivery this month traded Rs 27, or 1.35 per cent lower, at Rs 1,969 per barrel in 8,069 lots.
Oil for February delivery also moved down Rs 22, or 1.06 per cent, to Rs 2,061 per barrel in 2,392 lots.
The trading sentiment dampened in futures trade as crude oil plunged below USD 28 a barrel today for the first time in 12 years on fears about a worsening supply glut after Western sanctions on Iran were lifted, allowing Tehran to resume oil exports, analysts said.
Meanwhile, West Texas Intermediate (WTI) crude for February delivery was down 30 cents, or 1.02 per cent, to USD 29.12 per barrel on the New York Mercantile Exchange.
