Crude oil futures drifted lower by Rs 3 to Rs 4,099 per barrel on Wednesday as speculators reduced their exposure amid a weak trend overseas.
At Multi Commodity Exchange, crude for delivery in April shed Rs 3, or 0.07 percent, to Rs 4,099 per barrel in a business turnover of 10,653 lots.
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Marketmen said the fall in crude prices at futures market was mostly in sync with a weak trend overseas weighed down by economic growth concerns that dampened the outlook for fuel consumption.
Meanwhile, West Texas Intermediate (WTI) crude traded 0.22 percent lower at USD 59.16, while Brent crude fell 0.04 percent, to USD 67.58 per barrel on the New York Mercantile Exchange Wednesday.