Crude oil futures prices fell sharply by 1.77 per cent to Rs 4,563 per barrel today as speculators indulged in reducing their positions amid a weak trend in the Asian trade.
At the Multi Commodity Exchange, crude oil for delivery in July shed Rs 82 or 1.77 per cent to Rs 4,563 per barrel having a business volume of 9,249 lots.
Similarly, the oil for August delivery moved down by Rs 80 or 1.71 per cent to Rs 4,609 per barrel in a turnover of 677 lots.
Marketmen said the fall in crude oil futures prices was mostly attributed to a weakening trend in Asian trade after an unexpected rise in US inventories, which climbed to the highest level in 22 years.
Meanwhile, crude oil for delivery in July was down 89 cents to trade at an almost eight-month low of $80.56 a barrel on the New York Mercantile Exchange.