Crude oil futures fell 0.44 per cent to Rs 3,201 per barrel today as speculators indulged in trimming positions amid a weak trend overseas on demand worries.
On the Multi Commodity Exchange, crude oil for delivery in January traded lower by Rs 14 or 0.44 per cent at Rs 3,201 per barrel in 5,298 lots.
Similarly, oil for February delivery moved down by Rs 14 or 0.43 per cent to Rs 3,260 per barrel in 357 lots.
Trading sentiment dampened at the futures after the US contract fell below the psychological $50 mark in New York in yesterday’s trade on demand worries, a strong dollar and a global supply glut, analysts said.
Meanwhile, West Texas Intermediate (WTI) crude for February hit as low as $49.95, a level not seen since May 2009, before closing at $50.04, down $2.65 in yesterday’s trade. Brent also fell $3.31 to $53.11.