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Crude oil futures fell sharply by Rs 61 to Rs 2,805 per barrel today as speculators trimmed positions amidst a weak trend in Asian markets.
Trading sentiment turned weak following fall in global crude oil prices on bulging supplies and strengthening dollar, analysts said.
At the Multi Commodity Exchange, crude oil for delivery in March shed Rs 61, or 2.13%, to Rs 2,805 per barrel in 24 lots.
Meanwhile, the US Department of Energy last week said stockpiles have climbed to a fresh record high of 448.9 million barrels.
The oil for April delivery moved down by Rs 55, or 1.81%, to Rs 2,981 in a volume of 721 lots.
Globally, West Texas Intermediate (WTI) crude oil fell by 47 cents at $44.37 a barrel, while Brent North Sea crude eased by 46 cents to $54.21 per barrel in late-morning trade on the New York Mercantile Exchange.
