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Crude oil futures fell during afternoon trade in the domestic market on Wednesday as investors and speculators exited their positions in the energy commodity on worries over global crude glut on the back of rising US output and doubts that Opec and non-Opec producers would adhere to commitments to trim crude production to support higher prices.
Further, participants remained warry amid fears over US policy ahead of the President-elect Trump's inauguration on January 20.
However, top crude oil exporter Saudi Arabia said it would strictly adhere to its commitment to cut crude production as per the deal between Opec and non-Opec producers like Russia, restricted further fall in crude oil prices at futures trade.
At the MCX, crude oil futures for January 2017 contract is trading at Rs 3583 per barrel, down by 0.33 per cent, after opening at Rs 3577, against a previous close of Rs 3595. It touched the intra-day low of Rs 3571 (at 13:20 hours).
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