Despite weak US dollar, crude oil futures plunged by more than 1 per cent during afternoon trade in the domestic market on Thursday as investors and speculators exited their positions in the energy commodity on mixed US crude stocks data and lingering worries over OPEC's implementation of an output cut.
Crude oil inventories in the US dropped 2.4 million barrels in the week ended on December 2, compared with analyst expectations for a draw of 1 million barrels.
But stocks at the Cushing, Oklahoma, delivery hub for US crude futures, increased by a hefty 3.8 million barrels last week, the most since 2009, according to EIA data.
At the MCX, crude oil futures for December 2016 contract is trading at Rs 3,358 per barrel, down by 1.09 per cent, after opening at Rs 3,390, against a previous close of Rs 3,395. It touched the intra-day low of Rs 3,351
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