Crude oil futures plunged 2.57 per cent to Rs 3,718 per barrel today as participants indulged in offloading their positions amid a weak trend in Asian trade where it sank below the psychological $60-mark.
At the Multi Commodity Exchange, crude oil for delivery in current month fell sharply by Rs 98, or 2.57 per cent, to Rs 3,718 per barrel in 1,952 lots.
Similarly, the oil for January 2015 contracts dropped by Rs 99, or 2.57 per cent, to Rs 3,760 per barrel in 279 lots.
Trading sentiment remained weak largely in line with a weak trend in Asian trade where crude sank further to trade below the psychological $60 mark for the first time since July 2009, analysts said.
Meanwhile, West Texas Intermediate (WTI) crude for January delivery was down 86 cents at $59.09, while Brent crude was down 52 cents at $63.16 a barrel on the New York Mercantile Exchange in mid-morning trade today.