Crude oil futures plunged by Rs 49 to Rs 3,711 per barrel Monday as speculators reduced bets amid a weakening trend overseas.
At Multi Commodity Exchange, crude for delivery in February dropped by Rs 49, or 1.30 per cent, to Rs 3,711 per barrel in 7,010 lots.
Marketmen said trading sentiments at futures trade dampened after crude oil prices fell in global markets.
Meanwhile, West Texas Intermediate (WTI) crude fell 1.35 per cent to USD 52.01, while Brent crude fell 0.93 per cent to USD 61.52 per barrel on the New York Mercantile Exchange.