New Delhi, Dec 18 (PTI) Crude oil prices plunged by 2.53 per cent to Rs 3,511 per barrel Tuesday as speculators reduced bets amid a weakening trend overseas.
At the Multi Commodity Exchange, crude for delivery in current month contracts fell by Rs 91, or 2.53 per cent, to trade at Rs 3,511 per barrel in a business turnover of 1,801 lots.
On similar lines, oil for delivery in January moved down by Rs 90, or 2.47 per cent, to Rs 3,553 per barrel in 4,711 lots.
Marketmen said, trading sentiments at futures trade dampened after crude oil prices tumbling to a 14-month-low to trade below the USD 59 a barrel on signs of oversupply in the US and as investor concern over global economic growth and fuel demand grows.
Meanwhile, West Texas Intermediate (WTI) crude fell 1.31 per cent, to USD 49.54 per barrel, while Brent crude fell 1.36 per cent to USD 58.80 a barrel on the New York Mercantile Exchange.