Crude oil futures plunge nearly 5 pc on weak global cues

New Delhi, Mar 12 () Crude oil futures on Thursday plunged 4.83 per cent to Rs 2,363 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 120 or 4.83 per cent, to Rs 2,363 per barrel with a business volume of 50,316 lots.

Crude oil for April delivery was quoting lower by Rs 124, or 4.87 per cent, to Rs 2,420 per barrel with an open interest of 1,097 lots.

Globally, West Texas Intermediate crude oil fell 4.43 per cent to USD 31.52 per barrel and Brent Crude slumped 4.05 per cent to USD 34.34 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 RUJRUJ