Crude oil futures fell 0.69 per cent to Rs 2,450 per barrel today, tracking a weak trend in Asian trade where it plunged to multi-year lows.
Crude oil for delivery in December at the Multi Commodity Exchange traded down by Rs 171 or 0.69 per cent at Rs 2,450 per barrel in 1,951 lots.
Similarly, the oil for January next year delivery moved down by Rs 15 or 0.58 per cent to Rs 2,580 per barrel in 194 lots.
Analysts said trading sentiment eased at the futures trade after crude oil tumbled to fresh multi-year lows in Asia today as the OPEC cartel said output had surged, exacerbating concerns over a supply glut that is expected to persist beyond next year.
The Organization of Petroleum Exporting Countries reported its collective production rose 230,100 barrels a day in November to 31.7 million, the highest in three-and-a-half years and beyond its 30 million ceiling target.
Meanwhile, West Texas Intermediate (WTI) for delivery in January was down 28 cents at $36.48 and Brent crude for January delivery was trading 26 cents lower at $39.47 at the New York Mercantile Exchange, their lowest levels since early 2009 during a global financial crisis.