Crude Oil Futures Plunge Over 5% Amid Global Sell-off, Strong US Dollar

• Crude oil futures for February delivery slumped over 5 percent to Rs 5,671 per barrel on MCX.
• March contract also depreciated by nearly 5 percent to Rs 5,659 per barrel.
• International benchmarks WTI and Brent Crude suffered heavy losses, falling over 5% and nearly 4.9% respectively.
• A strong US dollar, weak market sentiment, and Kevin Warsh's Federal Reserve nomination weighed on oil prices.
• Supply worries from Washington-Tehran tensions and US winter weather may offer some support against further dips.

Why It Matters: Crude oil prices saw a significant drop due to a strong US dollar and global market sell-off.