Crude oil futures fall 1.98% on Asian cues

Crude oil futures fell sharply by 1.98 per cent to Rs 2,965 per barrel as speculators indulged in trimming positions amid a weakening trend in Asian trade.
At the Multi Commodity Exchange, crude oil for delivery in April fell by Rs 60, or 1.98 per cent, to Rs 2,965 per barrel in 13,996 lots.
In a likewise manner, oil for May delivery moved down by Rs 55, or 1.74 per cent, to Rs 3,100 per barrel in 498 lots.
Market analysts said a weak trend in Asian trade after Russia and Iran's foreign ministers claimed a breakthrough in talks over Tehran's controversial nuclear programme that could ease sanctions on the crude producer, weighed on crude prices at futures trade here.

Meanwhile, West Texas Intermediate (WTI) crude for May delivery eased 27 cents to USD 47.33, while Brent crude for May fell 11 cents to USD 55.00 in late-morning trade on the New York Mercantile Exchange.