Crude oil futures plunged nearly 2 per cent during evening trade in the domestic market on Friday as investors and speculators weighed the prospects of an increase in supplies from Nigeria and Libya with the two OPEC nations set to bolster exports after disruptions due to domestic conflicts.

 Swelling US inventories and reduced prospects for demand growth amid a slowing global economy have also led to bearish bets in the energy commodity. At the MCX, crude oil futures for September 2016 contract is trading at Rs 2,894 per barrel, down by 1.83 per cent, after opening at Rs 2,925, against a previous close of Rs 2,948. It touched the intra-day low of Rs 2,893.

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