Crude oil futures on Wednesday plunged Rs 116 to Rs 1,979 per barrel as participants trimmed their positions in line with weak trend overseas.
On the Multi Commodity Exchange, crude oil for March delivery slumped by Rs 116 or 5.54 per cent, to Rs 1,979 per barrel with a business volume of 39,756 lots.
Crude oil for April delivery was quoting lower by Rs 96, or 4.42 per cent, to Rs 2,077 per barrel with an open interest of 6,242 lots.
Analysts said the fall in crude oil futures was mostly due to trimming of positions by participants amid weak demand.
Globally, West Texas Intermediate crude oil fell 0.82 per cent to USD 26.73 per barrel and, Brent Crude slipped 0.28 per cent to USD 28.65 per barrel in New York.
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