Crude oil prices plunged by Rs 47, or 1.30 per cent, to Rs 3,579 per barrel in futures trade today, as traders reduced their positions on the back of a weakening global trend.
Trading sentiment turned weak after oil prices lowered in Asia markets, as US stocks stalled in lacklustre trade and concerns eased over the possibility of a tropical storm in the Gulf of Mexico disrupted the supplies.
At the Multi Commodity Exchange, crude oil for July contract tumbled by Rs 47, or 1.30 per cent, to Rs 3,579 per barrel, with an open interest of 18,591 lots.
Similarly, the oil for delivery in August contract plunged by Rs 47, or 1.28 per cent, to Rs 3,619 per barrel, with an open interest of 2,650 lots.
Market analysts said fresh selling in tandem with a weakening global trend pulled down the crude oil prices at futures trade. Meanwhile, New York's main contract, crude for delivery in August, shed 19 cents to $78.06.