Apr 17 (BNP): Crude oil prices fell more than 2 per cent in futures trade on Friday, as easing geopolitical tensions and expectations of a possible US-Iran agreement reduced concerns over global supply disruptions.
On the Multi Commodity Exchange, crude oil futures for May delivery declined by ₹180, or 2.1 per cent, to ₹8,396 per barrel.
Market sentiment turned weaker following indications of progress toward a potential diplomatic understanding between the United States and Iran. This eased worries over extended supply disruptions in global crude markets.
Analysts said the development led traders to reassess the geopolitical risk premium that had recently supported oil prices, resulting in downward pressure on futures.
