Crude oil futures slipped 1.54 per cent to Rs 4,025 per barrel, in line with a weak trend in Asian trade, as traders cut exposure at existing levels.
Crude oil for delivery in January was trading lower by Rs 63 or 1.54 per cent at Rs 4,025 per barrel with a business volume of 4,637 lots at the Multi Commodity Exchange (MCX). Also, oil prices for delivery in February fell Rs 62 or 1.52 per cent to Rs 4,029 per barrel in a business volume of 1,976 lots.
Analysts said lower global oil prices were prompted by a recovery in US oil production after a recent drop, as well as by an expected fall in demand when winter ends in the northern hemisphere. US benchmark West Texas Intermediate fell 1.5 per cent to $63.02, while Brent was down 1.2 per cent at $68.46 a barrel.