Brent crude trade lower at $98.72/bbl

Crude oil prices rebounded in futures trade on Tuesday, rising by Rs 204 to Rs 8,549 per barrel amid uncertainty over geopolitical developments in West Asia.

On the Multi Commodity Exchange (MCX), crude oil for April delivery increased by Rs 204, or 2.44 per cent, to Rs 8,549 per barrel.

In the previous session, crude plunged by Rs 1,186, or nearly 13 per cent, to hit an intraday low of Rs 8,072 per barrel before settling at Rs 8,345, down by Rs 913, or 9.86 per cent on the MCX.

Analysts said crude oil prices remained volatile as markets weighed conflicting developments around Iran and the Strait of Hormuz.