Crude oil futures declined sharply by 3.28 per cent to Rs 3,219 per barrel, as speculators cut bets to take profits off the table amid weak global cues.
At the Multi Commodity Exchange, crude oil for delivery in January contracts fell by Rs 109, or 3.28 per cent, to Rs 3,219 per barrel with a business turnover of 25,218 lots.
Analysts said trading sentiments turned somewhat weak after oil prices eased in global markets and profit-booking by speculators at the current levels.
Globally, West Texas Intermediate crude oil was down by 1.3 per cent at USD 45.93 a barrel, while Brent, the international benchmark, shed 0.60 per cent to USD 54.55 a barrel.