New Delhi (PTI): Crude oil futures on Wednesday fell by nearly 2 per cent on the Multi Commodity Exchange on increased selling by traders and speculators amid weak global trends.

Crude oil for most active March contract moved down by 1.99 per cent to Rs 3,000 per barrel.

January delivery contract fell by 0.69 per cent at Rs 2,875 per barrel in 108 lots and December contract by 0.68 per cent at Rs 2,781 per barrel in trading volume of 2,408 lots.

Marketmen attributed the fall in crude oil prices to increased selling by traders and speculators.

A sluggish demand in spot and global markets influenced the market sentiment, they said.

Oil prices held steady at $54 a barrel in New York.