Crude oil futures fell sharply by Rs 61 to Rs 2,805 per barrel today as speculators trimmed positions amid a weak trend in Asian markets.
Trading sentiment turned weak following a fall in global crude oil prices on bulging supplies and strengthening dollar, analysts said.
On the Multi Commodity Exchange, crude oil for delivery in March shed Rs 61 or 2.13 per cent to Rs 2,805 per barrel in 24 lots.
Meanwhile, the US Department of Energy had last week said stockpiles have climbed to a fresh record high of 448.9 million barrels.
The oil for April delivery moved down by Rs 55 or 1.81 per cent to Rs 2,981 in a volume of 721 lots.
Globally, West Texas Intermediate (WTI) crude oil fell 47 cents to $44.37 a barrel, while Brent North Sea crude eased 46 cents to $54.21 per barrel in late-morning trade on the New York Mercantile Exchange.