Crude oil prices are trading sharply lower in futures market on Wednesday as Russia reiterated that it will keep crude production steady next year, echoing OPEC's strategy to refrain from curbing supply to tackle a global surplus.
Light sweet crude oil (WTI) futures fell 1.11 dollar or 1.98 percent to trade at USD 54.82 a barrel at the New York-based commodity exchange NYMEX.
Brent crude oil futures lost 0.65 dollar or 1.08 percent to trade at USD 59.36 a barrel at NYMEX. Natural gas futures went up 0.013 dollar or 0.359 percent to trade at USD 3.632 a gallon at the NYMEX.