Crude oil futures declined by Rs 47 to Rs 3333 pb, on Thursday amid concerns about oversupply.
On Wednesday, Crude oil futures conversely ended higher buoyed by a third consecutive weekly fall in US crude supplies and a plunge in distillate stocks.
At the Multi Commodity Exchange (MCX), crude for delivery in January was trading down by Rs 47, or 1.39% to Rs 3,333 per barrel in 25,395 lots. In a similartrend, the oil for February delivery also declined by Rs 45, or 1.32% to Rs3,373 per barrel in volume of 539 lots.
Brent crude futures fell to USD 56.58 per barrel, which is showing a decline of 1.2%, while WTI crude slipped below USD 45.79 per barrel.