India, March 26 -- Crude oil prices declined more than 4 per cent to INR 8,340 per barrel in futures trade on Wednesday tracking weak global trends amid reports of possible negotiations between the US and Iran to end the war.On the Multi Commodity Exchange (MCX), crude oil for April delivery depreciated by INR 396, or 4.5 per cent, to INR 8,340 per barrel. The May contract also fell by INR 305, or 3.58 per cent, to INR 8,209 per barrel.

Analysts said crude prices came under pressure as a bearish sentiment gripped global energy markets following shifting geopolitical developments in West Asia.

"Crude oil prices took a hit on Wednesday opening with a gap down as bearish sentiment takes hold," Aamir Makda, Commodity & Currency Analyst at C...