Crude oil futures on Monday plummeted 4.12 per cent to Rs 1,629 per barrel as participants trimmed their positions in line with weak trend overseas.
On the Multi Commodity Exchange, crude oil for April delivery fell by Rs 70, or 4.12 per cent, to Rs 1,629 per barrel with a business volume of 55,017 lots.
Crude oil for May delivery was quoting lower by Rs 46, or 2.36 per cent, to Rs 1,906 per barrel with an open interest of 1,073 lots.
Analysts said the fall in crude oil futures was mostly due to trimming of positions by participants amid low demand.
Globally, West Texas Intermediate crude oil fell 3.72 per cent to USD 20.71 per barrel and, Brent Crude slipped 5.66 per cent to USD 23.52 per barrel in New York.
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