Crude oil futures fell Rs 21 to Rs 2,382 per barrel today with speculators cutting down their bets amid weak cues from Asian markets.
At the Multi Commodity Exchange, crude oil for delivery in December shed Rs 21 or 0.87 per cent to Rs 2,382 per barrel in 10,342 lots.
On similar lines, crude for delivery in January next year was trading lower by Rs 17 or 0.67 per cent to Rs 2,511 per barrel in a business volume of 1,618 lots.
Trading sentiment weakened as oil prices extended losses in Asia today on expectations that a global supply glut will persist until late next year, while analysts said the climate deal agreed in Paris had made little impact on the commodity.
With the OPEC cartel refusing to cut production, the world economy struggling and Iranian oil expected to enter the market next year, the cost of the black gold has been battered to levels not seen since early 2009 during the global financial crisis.
Globally, West Texas Intermediate (WTI) crude oil was down 16 cents at $35.46 a barrel, while Brent crude was trading 26 cents lower at $37.67 per barrel on the New York Mercantile Exchange.
Prices had plunged more than 12 per cent last week after the Organisation of the Petroleum Exporting Countries, which produces about 40 per cent of global oil supply, decided on December 4 not to reduce its output levels.