Crude oil futures dipped 1.35 per cent to Rs 1,969 per barrel today as speculators lightened their positions after Brent crude dipped below $28 a barrel on fears about a worsening supply glut after Western sanctions on Iran were lifted, allowing Tehran to resume oil exports.
At the Multi Commodity Exchange, crude oil for delivery this month traded Rs 27 or 1.35 per cent lower at Rs 1,969 per barrel in 8,069 lots.
Similarly, the oil for February delivery also moved down Rs 22 or 1.06 per cent to Rs 2,061 per barrel in 2,392 lots.
Trading sentiment dampened at the futures trade as crude oil plunged below $28 a barrel today for the first time in 12 years on fears about a worsening supply glut after Western sanctions on Iran were lifted, allowing Tehran to resume oil exports, analysts said.
Meanwhile, West Texas Intermediate (WTI) crude for February delivery was down 30 cents or 1.02 per cent to $29.12 per barrel on the New York Mercantile Exchange.