On the Multi Commodity Exchange, crude oil for delivery in March fell by Rs 66 or 1.92 percent, to Rs 3.365 per barrel with a business volume of 31,783 lots.
Crude oil for delivery in April was down 67 rupees, or 1.93%, to 3,396 rupees per barrel with open interest of 1,097 lots.
Globally, West Texas Intermediate crude oil fell 1.11% to $ 45.39 per barrel and Brent Crude fell 1.12% to $ 49.43 per barrel at New York.
Analysts said the decline in crude oil futures was mainly due to the reduction in participants’ positions against a backdrop of weak demand.