Crude oil futures fell sharply by Rs 38 to Rs 3,387 per barrel today as speculators cut down their positions amid a weak trend in Asian markets.
At Multi Commodity Exchange, crude for delivery in March dropped Rs 38, or 1.11 per cent, to Rs 3,387 per barrel in 7,983 lots.
Oil for April delivery moved down Rs 37, or 1.06 per cent, to Rs 3,438 per barrel in 576 lots.
The trading sentiments at futures trade here dampened after crude oil prices slumped to their lowest level of 2017 yesterday overseas following a bearish US supply report, analysts said.
Meanwhile, West Texas Intermediate (WTI) crude slided more than five per cent to USD 50.28, its lowest price since December while international Oil benchmark Brent was down USD 2.81 at USD 53.11 per barrel on the New York Mercantile Exchange.
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