Crude oil futures fell Rs 22 to Rs 3,552 per barrel today as speculators cut down their bets positions, tracking overnight weakness in global market.
At the Multi Commodity Exchange, crude oil for delivery in January was trading Rs 22 or 0.62 per cent lower at Rs 3,552 per barrel in 750 lots.
Oil for far-month February delivery also moved down by Rs 22 or 0.6 per cent at Rs 3,624 per barrel in a business volume of 38 lots.
Trading sentiment dampened at the futures trade as oil prices sank 3.8 per cent in global market last session as an increase in US drilling offset signs that OPEC members are sticking to planned output cuts, analysts said.
Meanwhile, US benchmark crude oil fell $3.8 per cent to close at $51.96 a barrel in New York yesterday. Brent crude, which is used to price oil sold internationally, slid $2.16 or 3.8 per cent to close at $54.94 a barrel in London.