Crude oil futures plunge on weak global cues

New Delhi, Mar 16 () Crude oil futures on Monday plunged 4.55 per cent to Rs 2,287 per barrel as participants trimmed their positions in line with weak trend overseas.

On the Multi Commodity Exchange, crude oil for March delivery dropped by Rs 109 or 4.55 per cent, to Rs 2,287 per barrel with a business volume of 42,117 lots.

Crude oil for April delivery was quoting lower by Rs 111, or 4.52 per cent, to Rs 2,347 per barrel with an open interest of 2,581 lots.

Globally, West Texas Intermediate crude oil fell 3.47 per cent to USD 30.63 per barrel and Brent Crude slumped 5.20 per cent to USD 32.09 per barrel in New York.

Analysts said the fall in crude oil futures was mostly due to trimming of positions by participants amid weak demand. VHP SHWSHW