Crude oil futures on Wednesday fell 1.54 per cent to Rs 3,588 per barrel as speculators trimmed positions in line with weak trend overseas.
On the Multi Commodity Exchange, crude oil for March delivery dropped by Rs 56, or 1.54 per cent, to Rs 3,588 per barrel with a business volume of 68,629 lots.
Crude oil for April delivery was quoting lower by Rs 57, or 1.55 per cent, to Rs 3,615 per barrel with an open interest of 1,097 lots.
Analysts said the fall in crude oil futures was mostly due to trimming of positions by participants amid weak demand.
Globally, West Texas Intermediate crude oil fell 0.20 per cent at USD 49.80 per barrel.
While Brent Crude, the international benchmark, fell 0.38 per cent to trade at USD 54.74 per barrel in New York.