Crude oil futures fell sharply by 2.90 per cent to Rs 2,846 per barrel today as speculators reduced positions amid a weakening trend overseas.
At Multi Commodity Exchange, crude oil for delivery in May traded Rs 85 or 2.90 per cent lower, at Rs 2,846 per barrel in 7,412 lots.
Oil for June delivery also moved down Rs 84, or 2.83 per cent, to Rs 2,887 per barrel in 447 lots.
The trading sentiment dampened in futures trade after oil prices tumbled during US trading on uncertainty over whether OPEC will extend an agreement to cut production to shore up prices amid oversupply concerns, analysts said.
Member nations of the Organization of the Petroleum Exporting Countries are due to discuss the deal later this month.
Meanwhile, West Texas Intermediate (WTI) crude was down 3.03 per cent, to USD 44.14, while Brent crude slumped 2.75 per cent, to USD 47.05 a barrel on the New York Mercantile Exchange.
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