Crude oil futures remain weak on increased selling

Crude oil futures today fell by nearly 2% on the Multi Commodity Exchange on increased selling by traders and speculators amid weak global trends.     

Crude oil for most active March contract moved down by 1.99% to Rs 3,000 per barrel.     

January delivery contract fell by 0.69% at Rs 2,875 per barrel in 108 lots and December contract by 0.68% at Rs 2,781 per barrel in trading volume of 2,408 lots.     

Marketmen attributed the fall in crude oil prices to increased selling by traders and speculators.      A sluggish demand in spot and global markets influenced the market sentiment, they said.     

Oil prices held steady at $54 a barrel in New York.