A forecast by the International Energy Agency for slower global oil demand growth post-2025 also weighed on the market.
The fall in crude oil futures was mostly due to trimming of positions by traders in line with weak global cues, analysts said.
On Multi Commodity Exchange, crude oil prices for November delivery dropped by Rs 4, or 0.07 per cent, to Rs 4,001 per barrel.
US crude exports fell nearly 1 million barrels last week to 2.4 million barrels per day.
The fall in crude oil futures was mostly due to trimming of positions by traders, in line with weak global cues, analysts said.
US crude inventories rose by 4.3 million barrels in the week ended Nov 1 to 440.5 million barrels.
Crude oil for delivery in November was trading lower by Rs 46, or 0.14 percent, to Rs 4,004 per barrel in 27,004 lots.
Traders may be taking profits on oil ahead of uncertainty around macro-economic data and US oil inventory reports.
Analysts said raising of bets by participants kept crude prices higher in futures trade here.
Analysts said the fall in crude oil futures was mostly due to trimming of positions by traders amid weak global cues.