The Crude oil futures fell 0.43 per cent in trade today to Rs 4,902 per barrel today following weak trade in the Asian markets.

The crude oil for delivery in January fell Rs 21 or about 0.43 per cent to Rs 4,902 per barrel at the Multi Commodity Exchange. The total business volume stood at 4,634 lots. In the same way, the oil for February delivery declined 0.38 per cent or Rs 19 to Rs 4,957 per barrel and the turnover was recorded at 353 lots.

Analysts said that the crude oil futures prices followed the weak trend in the Asian stock markets. The crude oil for delivery in November was down 16 cents to USD 88.50 a barrel on the New York Mercantile Exchange. The prices of oil fell to its lowest level in almost a week in New York due to concerns related to fiscal cliff.

Experts say that if the there is not agreement to resolve the fiscal cliff situation, a series of spending cuts and tax hikes will automatically take affect from 2, January, 2013. Republicans in the US congress are opposing tax hikes for highest earners and are proposing increasing tax revenue without raising tax rates by limiting tax deductions and closing loopholes.