Crude oil futures declined sharply Monday by 4.81 per cent to Rs 4,414 per barrel, as speculators cut bets to take profits off the table amid weak global cues.
On the Multi Commodity Exchange, crude oil for delivery in May contracts fell by Rs 223, or 4.81 per cent, to Rs 4,414 per barrel with a business turnover of 11,120 lots.
Analysts said trading sentiments turned weak after oil prices eased in global markets, and profit-booking by speculators led to a further fall in the prices.
Globally, West Texas Intermediate crude oil was down 0.71 per cent to USD 62.85 a barrel, while brent, the international benchmark, also shed 0.69 per cent to USD 71.65 a barrel.
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