Crude oil futures were down sharply by 1.9 per cent to Rs 3,245 per barrel today after speculators trimmed positions in tandem with a weak trend in Asian trade.
On the Multi Commodity Exchange, crude oil for delivery in February shed Rs 63 or 1.9 per cent to Rs 3,245 per barrel with a business volume of 5,498 lots.
Oil prices for March delivery also moved down by Rs 56 or 1.66 per cent to Rs 3,324 per barrel in a business volume of 532 lots.
Marketmen said the fall in crude oil futures was mostly in line with a weak trend in Asia after the International Energy Agency (IEA) predicted that global oil prices will recover only partially over the next five years.
Meanwhile, West Texas Intermediate crude oil for delivery in March was down 68 cents at $52.18, while Brent crude for March delivery eased 80 cents to $57.54 a barrel in morning trade on the New York Mercantile Exchange.