Crude oil futures fell 0.67 per cent to Rs 3,115 a barrel today as speculators reduced positions amid a weak trend in Asian markets.
At the Multi Commodity Exchange, crude oil for delivery in November traded lower by Rs 21 or 0.67 per cent at Rs 3,115 a barrel in 184 lots.
Similarly, the oil for October delivery also moved down Rs 20 or 0.65 per cent to Rs 3,063 per barrel in 4,786 lots.
Trading sentiment dampened at the futures trade after oil prices edged down in Asia today amid continued speculation on whether producers will agree to limit output during discussions in Algeria this week, analysts said.
Members of the Organization of the Petroleum Exporting Countries will meet on Wednesday with key non-OPEC producer Russia on the sidelines of the International Energy Forum in Algiers.
They are expected to discuss ways to stabilise prices that have been depressed since 2014 amid a stubborn supply glut, with hopes that producers might agree on a production cap.
Meanwhile, West Texas Intermediate (WTI) crude for November delivery was down nine cents to $45.84, while Brent crude was down 19 cents to $47.16 a barrel on the New York Mercantile Exchange. Prices had jumped around 3 per cent yesterday.