MUMBAI (Commodity Online): Crude Oil futures in the domestic futures market opened down Monday in the tandem with weak global sentiments on the anticipation that OPEC might hike the crude oil output quota when it meets on Wednesday.

MCX crude march delivery is trading down over Rs 20 at Rs 3686 per barrel. It may trade in the range of Rs 3700 - 3660 levels. Crude oil futures declined below $81 a barrel in the global market.

However, Iran the second-biggest OPEC producer has warned of a worsening oil glut and predicts OPEC will urge its members to comply with their production quotas when its ministers meet on Wednesday.

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Crude oil April contracts on NYMEX closed last week at $82.11 with a weekly gain of 0.02 percent. A decline in consumer confidence index conducted by Reuters/Michigan University had resulted in prices incurring a weekly decline of 0.3 percent last week.

Economic data from US in the form of empire state manufacturing is expected to decline and may result in prices declining.

Both US Industrial production index and NAHB housing market index are expected to have stalled and may have no effect on prices. There is also TIC flows data from US later in the evening which indicates the money inflow into the US economy.

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