Brent crude trade lower at $108.28/bbl

Crude oil prices declined by Rs 190 to Rs 8,808 per barrel in futures trade on Friday as traders weighed the prospects of additional Iranian supply despite lingering geopolitical tensions in West Asia.

On the Multi Commodity Exchange, crude oil for the April delivery ended its three-day rally, declining by Rs 190, or 2.11 per cent, to Rs 8,808 per barrel in a business turnover of 18,781 lots.

Analysts said the fall in oil prices was driven by hopes of softening geopolitical risk premium following indications of a more pragmatic approach by the US towards Iranian crude supplies.

In the overseas trade, West Texas Intermediate (WTI) futures for May delivery fell $1.85, or nearly 2 per cent, to $93.70 per barrel, while Brent Oil for the same month contract slipped 0.34 per cent to trade at $108.28 per barrel in New York.