09 January,2009 08:01 PM IST | | PTI
Crude oil prices today tumbled by four per cent to hit lower limit set by the exchange on emergence of selling by traders influenced by weakening trend in the global market.
The crude oil for most active April-month contract plunged by 4 per cent at Rs 2,497 per barrel on the Multi Commodity Exchange in a business volume of 8 lots.
January-month contract also dropped by 2.20 per cent at Rs 2,001 per barrel with trading volume of 65,230 lots while February month contract down by 1.50 per cent at Rs 2,236 per barrel in trading of 7,993 lots.
The sharp fall in crude oil attributed to weak global trend. It fell for a fourth day in London before a US report expected to show more jobs lost in December, capping the biggest collapse in employment since World War II.
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Oil has dropped 11 per cent this week on concern that a deepening recession will cut fuel demand in the worlds largest energy consumer.
US crude stockpiles rose more than expected last week. It reached the highest since May.
Meanwhile, crude oil fell 83 cents to 40.87 a barrel on the New York Mercantile Exchange.
