Crude oil futures slump over 11%

Crude oil price slumped over 11 per cent to Rs 8,588 per barrel in futures trade on Wednesday, tracking sharp losses in global benchmarks amid signs of a potential breakthrough between the US and Iran.

On the Multi Commodity Exchange (MCX), crude for the May delivery plunged Rs 1,110, or 11.45 per cent, to Rs 8,588 per barrel in a business turnover of 12,132 lots.

Similarly, the June contract also nosedived by Rs 1,098, or 11.69 per cent, to Rs 8,298 per barrel in 4,274 lots.

Analysts said oil prices came under heavy pressure following reports that Washington and Tehran are nearing a preliminary agreement aimed at ending the conflict and paving the way for broader nuclear negotiations. -- PTI