Crude oil futures on Friday dropped 0.59 per cent to Rs 3,047 per barrel as participants trimmed their positions on low demand.
On the Multi Commodity Exchange, crude oil for July delivery fell by Rs 18, or 0.59 per cent, to Rs 3,047 per barrel with a business volume of 2,987 lots.
Crude oil for August delivery was quoting lower by Rs 19, or 0.62 per cent, at Rs 3,065 per barrel with an open interest of 357 lots.
West Texas Intermediate crude oil was trading lower by 0.69 per cent at USD 40.47 per barrel.
Brent crude was trading 0.78 per cent down at USD 43.03 per barrel in New York.