Crude oil futures on Wednesday fell by Rs 48 to Rs 4,138 per barrel after participants reduced positions tracking a subdued trend in global markets.
On the Multi Commodity Exchange, crude oil for February delivery dropped by Rs 48, or 1.15 per cent, to Rs 4,138 per barrel with a business volume of 21,399 lots.
Crude oil for March delivery was quoting lower by Rs 43, or 1.03 per cent, at Rs 4,150 per barrel with an open interest of 612 lots.
Analysts said the fall in crude oil futures was mostly due to trimming of positions by traders amid weak spot demand.
Globally, West Texas Intermediate crude oil traded 0.57 per cent lower at USD 58.05 per barrel.
Brent Crude, the international benchmark, dropped 0.45 per cent to trade at USD 64.30 per barrel in New York.