Crude oil futures fell Rs 54 to Rs 2,275 per barrel today as speculators cut down their bets positions amid a weak trend in Asian markets.
At the Multi Commodity Exchange, crude oil for delivery in March was trading lower by Rs 54 or 2.32 per cent at Rs 2,275 per barrel in 10,934 lots.
Oil for far-month April delivery also moved down by Rs 38 or 1.55 per cent to Rs 2,411 per barrel in business volume of 518 lots.
Trading sentiment was dampened at the futures trade as oil prices dipped in Asia today after mounting a strong rally the day before since traders remain doubtful that talks on an output freeze among key crude producers will lead to an agreement, analysts said.
Meanwhile, West Texas Intermediate (WTI) crude for April delivery, a new contract, was down 41 cents, or 1.23 per cent at $32.98, while Brent crude for April delivery eased 43 cents, or 1.24 per cent, to $34.26 a barrel on the New York Mercantile Exchange.
US crude rose back above $30 a barrel and European benchmark Brent climbed well over $34 yesterday on hopes that the discussions would lead to a concrete action to stabilise the battered market.