Crude oil futures fell sharply by Rs 36 to Rs 2,648 per barrel today as speculators trimmed their position amid a weak trend in the Asian markets.
Trading sentiment weakened, tracking a subdued trend in Asia where oil stayed below $40 a barrel today after the OPEC cartel decided against slashing high output levels and traders turned their focus to a US central bank meeting next week, analysts said.
At the Multi Commodity Exchange, crude oil for delivery in December fell by Rs 36 or 1.34 per cent to Rs 2,648 per barrel in 1,062 lots.
On similar lines, crude for delivery in January next year was trading lower by Rs 33 or 1.18 per cent to Rs 2,764 per barrel in a business volume of of 476 lots.
Globally, West Texas Intermediate (WTI) crude oil for January delivery fell 37 cents to $39.90 a barrel, while Brent crude for January delivery eased by 12 cents to $42.88 per barrel on the New York Mercantile Exchange.