Crude oil futures nose dived by 3.41 per cent to Rs 1,983 per barrel today as speculators cut down their bets amid weak cues from the Asian markets where it dipped to fresh 12-year lows.
At the Multi Commodity Exchange, crude oil for delivery in February month contract was trading sharply lower by Rs 70, or 3.41 per cent to Rs 1,983 per barrel with a business volume of 7,836 lots.
On similar lines, crude for delivery in far-month March also dropped by Rs 68, or 3.17 per cent, to Rs 2,077 per barrel in 238 lots.
Analysts said trading sentiment remained weak at futures trade here after US crude tumbled below $28 a barrel in Asian trade after the International Energy Agency (IEA) warned that the oil market could "drown in oversupply"
Globally, West Texas Intermediate (WTI) crude oil struck a low of $27.92 a barrel before recovering to trade at USD 28.15, down 31 cents, or 1.09 per cent, while Brent crude was 13 cent lower at $28.63 per barrel on the New York Mercantile Exchange.
