New Delhi, May 06: Crude oil prices fell over 11% to Rs 8,588 per barrel in futures trade on Wednesday, recording sharp losses in global benchmarks amid signs of a possible breakthrough between the US and Iran.
On the Multi Commodity Exchange (MCX), crude oil for delivery in May fell by Rs 1,110 or 11.45% to Rs 8,588 per barrel in a business turnover of 12,132 lots.
Similarly, the June contract fell by Rs 1,098 or 11.69% to Rs 8,298 per barrel in 4,274 lots.
Analysts said oil prices were under heavy pressure after reports that Washington and Tehran were nearing a preliminary agreement aimed at ending the conflict and paving the way for broader nuclear talks.