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Crude oil futures dropped further by Rs 34 to Rs 2,366 per barrel today as speculators engaged in cutting down their bets amid a weak trend in Asian trade.
At the Multi Commodity Exchange, crude oil for delivery in April was trading lower by Rs 34, or 1.42 per cent, to Rs 2,366 per barrel in 4684 lots.
Similarly, oil for delivery in May moved down Rs 30, or 1.20 per cent, to Rs 2,472 per barrel in 209 lots.
Analysts said trading sentiment at the futures trade dampened after oil prices tumbled further in Asia on dwindling hopes that key producers will reach an agreement to freeze output when they meet this month to discuss a global supply glut.
After breaking above $40 in March on expectations for the Russia-Saudi Arabia-led talks, the commodity has tumbled in recent weeks.
The April 17 Doha meeting aims to agree to cap the output at January 2016 levels, with analysts also saying only a production cut can lead to a sustained recovery in prices.
The losses were fanned on Friday when Saudi Deputy Crown Prince Mohammed bin Salman said his country would only agree to limits at the gathering if it move was matched by Iran and other major producers.
Meanwhile, West Texas Intermediate (WTI) crude for May fell 15 cents, or 0.42 per cent, to $35.55, while Brent crude for June down nine cents, or 0.24 per cent, to $37.70 per barrel on the New York Mercantile Exchange.
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