Crude oil futures on Wednesday plummeted 11.4 per cent to Rs 1,577 per barrel as participants trimmed their positions on weak spot demand.
On the Multi Commodity Exchange, crude oil for April delivery fell by Rs 203, or 11.4 per cent, to Rs 1,577 per barrel with a business volume of 29,934 lots.
Crude oil for May delivery was quoting lower by Rs 144, or 6.41 per cent, at Rs 2,102 per barrel with an open interest of 4,160 lots.
Analysts said the fall in crude oil futures was mostly due to trimming of positions by participants amid low demand.
Globally, however, West Texas Intermediate crude oil rose 0.05 per cent to USD 20.12 per barrel, whereas Brent Crude fell 1.45 per cent to USD 29.17 per barrel in New York.
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