Crude oil futures plunged by Rs 70 to Rs 3,598 per barrel today as speculators reduced their positions amid a weakening trend overseas.
Profit-booking at existing levels too weighed on crude prices.
At the Multi Commodity Exchange, crude oil for delivery in March was trading sharply lower by Rs 70, or 1.91 per cent, to Rs 3,598 per barrel in 106,725 lots.
The oil for delivery in far-month April also fell by Rs 62, or 1.68 per cent, to Rs 3,635 per barrel in 3,026 lots.
Analysts said a weak trend in global markets, where oil prices dropped on forecasts of another expansion in US crude stockpiles while attention shifted to whether OPEC will extend production cuts, mainly led to fall in crude prices at futures trade here.
Meanwhile, West Texas Intermediate (WTI) crude lost 1.4 per cent to USD 53.59, while Brent crude, the European benchmark, fell 1.5 per cent to USD 55.84 a barrel at the New York Mercantile Exchange today.
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