Crude oil futures on Thursday slumped 2.54 per cent to Rs 3,456 per barrel as speculators reduced their positions tracking weak trend overseas.
Analysts said the fall in crude oil futures was mostly due to trimming of positions by participants amid weak demand.
On the Multi Commodity Exchange, crude oil for March delivery dropped by Rs 90, or 2.54 per cent, to Rs 3,456 per barrel with a business volume of 44,128 lots.
Crude oil for April delivery was quoting lower by Rs 89, or 2.49 per cent, to Rs 3,482 per barrel with an open interest of 991 lots.
Globally, West Texas Intermediate crude oil fell 1.33 per cent to USD 48.08 per barrel and Brent Crude slumped 1.24 per cent to USD 52.77 per barrel in New York.
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