Crude oil futures fell sharply by Rs 129 to Rs 2,569 per barrel today as speculators cut down their bets amid weak cues from the Asian markets after Dodha output talks failed.
At the Multi Commodity Exchange, crude oil for delivery in current month was trading lower by Rs 129, or 4.78 per cent, to Rs 2,569 per barrel in 3,368 lots.
On similar lines, crude for delivery in May was trading lower by Rs 129, or 4.60 per cent, to Rs 2,676 per barrel, in a business volume of 888 lots.
Analysts said trading sentiment dampened after the world's top producers failed to reach an agreement on capping output aimed at easing a global supply glut during a meeting in Doha.
Hopes the world's main producer cartel, OPEC and other major exporters like Russia would agree to freeze output has helped scrape oil prices off the 13-year lows they touched in February.
But, crude tanked after top producer Saudi Arabia walked away from the talks, which many hoped would ease a huge surplus in world supplies, because of a boycott by its rival Iran.
Oil tumbled in early Asian trade after the collapse of Sunday's talk, with prices dropping as much as seven per cent in opening deals.
At around 0100 GMT, US benchmark West Texas Intermediate for May delivery was down USD 2.11, or 5.23 per cent, from Friday's close at USD 38.25 a barrel.
Global benchmark Brent crude for May lost USD 2.11, or 5.23 per cent, from Friday's close at USD 38.25.
Globally, West Texas Intermediate (WTI) crude oil for May delivery was down USD 2.11 cents, or 5.23 per cent, from Friday's close at USD 38.25 a barrel, global benchmark Brent crude for June lost USD 2.03, or 4.71 per cent, to USD 41.07 per barrel on the New York Mercantile Exchange.
