New Delhi (PTI): Crude oil futures today fell by 4 per cent to hit lower circuit on the Multi Commodity Exchange on speculative selling by traders, as crude dipped below USD 50 a barrel in global markets on fears of drop in demand.

The most-active far-month January contract for crude oil plunged by 4 per cent to hit lower circuit at Rs 2,638 per barrel on the MCX. The contract clocked business turnover of 68 lots.

In likewise manners, December contract fell by 4.25 per cent to Rs 2,544 per barrel in a turnover of 974 lots.

Marketmen said fears that a worldwide recession might dampen demand for energy pulled down crude oil prices.

Meanwhile, crude for January delivery, dropped 59 cents to USD 48.83 a barrel on the New York Mercantile Exchange.