Crude oil futures plunged by more than 1 per cent during afternoon trade in the domestic market on Friday as investors and speculators opted to cash out after the prices of crude touched record high followed by Wednesday’s OPEC-Russia deal to reduce production for the first time in 8 years.

Traders turned their attention on implementation of the deal, the first agreement since 2001 by the OPEC and Russia to coordinate production cuts. At the MCX, crude oil futures for December 2016 contract is trading at Rs 3,487 per barrel, down by 1.13 per cent, after opening at Rs 3,498, against a previous close of Rs 3,527. It touched the intra-day low of Rs 3,464