Crude oil futures fell 0.7 per cent to Rs 2,962 per barrel today as speculators trimmed positions amid a weak trend in Asian market.
Trading sentiment remained weak at the futures trade following a fall in crude oil prices with lower demand and a supply glut putting relentless pressure on prices already at their lowest in five-and-a-half years, analysts said.
On the Multi Commodity Exchange, crude oil for delivery in January shed Rs 21 or 0.7 per cent to Rs 2,962 per barrel in 6,231 lots.
Similarly, the oil for February delivery moved down by Rs 16 or 0.53 per cent to Rs 3,031 per barrel in a volume of 691 lots.
Meanwhile, West Texas Intermediate (WTI) crude oil for February delivery was down by 81 cents to $47.55 a barrel, while Brent crude for February delivery eased 90 cents to $49.21 per barrel in mid-morning trade on the New York Mercantile Exchange.