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Crude oil futures fell Rs 36 to Rs 2,427 per barrel today as speculators cut down their positions amid a weak trend in Asian trade.
At the Multi Commodity Exchange, crude for delivery in April fell Rs 36 or 1.46 per cent to Rs 2,427 per barrel in 8,822 lots.
On similar lines, oil for May delivery moved down Rs 37 or 1.44 per cent to Rs 2,534 per barrel in 713 lots.
Marketmen analysts said a weak trend in Asian trade, where crude extended losses after comments by Saudi Arabia cast doubt whether key producers meeting next month would reach an agreement to freeze output to address a global supply glut, dampened the trading sentiment here.
Hopes for a deal at the April 17 gathering in Doha led by Russia and Saudi Arabia had been a major driver of a rally in prices from near 13-year lows in February.
Meanwhile, West Texas Intermediate (WTI) crude for May delivery slid 43 cents (1.17 per cent) to $36.36, while Brent crude for June delivery eased 34 cents (0.88 per cent) to $38.33 per barrel on the New York Mercantile Exchange.
Both contracts had plunged about four per cent on Friday.
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