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Crude oil futures plunged Rs 24 to Rs 3,580 per barrel today as speculators reduced their bets amid a weak trend overseas.
At the Multi Commodity Exchange, crude for delivery in March dropped Rs 24 or 0.67 per cent to Rs 3,580 per barrel in 3,062 lots.
Similarly, the oil for delivery in far-month May moved down Rs 22 or 0.6 per cent to Rs 3,622 per barrel in 81 lots.
Marketmen said the trading sentiment dampened at the futures trade as crude oil prices eased in global market after government data showed that the US crude stockpiles rose to a record, offsetting OPEC’s efforts to drain a global glut.
Crude supplies climbed 1.5 million barrels to 520.2 million barrels, the highest in weekly data going back to 1982.
Meanwhile, West Texas Intermediate (WTI) crude fell 0.46 per cent to $53.58, while Brent crude slipped 0.35 per cent to $56.16 per barrel on the New York Mercantile Exchange.
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