Crude oil futures on Monday dropped 1.31 per cent to Rs 3,013 per barrel as participants trimmed their positions on low demand.
On the Multi Commodity Exchange, crude oil for July delivery fell by Rs 40, or 1.31 per cent, to Rs 3,013 per barrel with a business volume of 2,748 lots.
Crude oil for August delivery was quoting lower by Rs 36, or 1.17 per cent, at Rs 3,037 per barrel with an open interest of 843 lots.
West Texas Intermediate crude oil was trading lower by 1.06 per cent at USD 40.16 per barrel.
Brent crude was trading 1.04 per cent down at USD 42.69 per barrel in New York.