Crude oil futures plunged 2.09 per cent to Rs 2,154 per barrel at the futures trade today as traders trimmed positions amid a weak trend in Asian trade.
At the Multi Commodity Exchange, crude oil for delivery in March dropped by Rs 46, or 2.09 per cent, to Rs 2,154 per barrel, in a business turnover of 12,452 lots.
Similarly, the oil for delivery in far-month April traded lower by Rs 39, or 1.67 per cent, to Rs 2,297 per barrel in 678 lots.
Analysts said the trading sentiment dampened at the futures trade after crude oil prices fell further in Asia today after OPEC kingpin Saudi Arabia shut the door on an output cut to ease the global crude supply glut, touting only a freeze in production.
Traders were cautious ahead of the release of data on US commercial crude stockpiles later today, which have been rising for weeks, indicating softer demand in the world’s top energy consumer.
Meanwhile, West Texas Intermediate (WTI) for delivery in April was down 56 cents, or 1.76 per cent, at $31.31 and Brent crude for April fell 33 cents, or 0.99 per cent, to $32.94 a barrel on the New York Mercantile Exchange.
WTI tumbled 4.6 per cent and Brent tanked 4.1 per cent yesterday.