Oil prices had witnessed a sharp decline during the trading of the United States market, as futures contracts for Brent crude for May delivery fell by about 13% to $ 110.2 a barrel, before it rose up again to $114.5.
U.S. West Texas Intermediate (WTI) crude futures for April delivery also fell 12.35% to $108.4 a barrel, and then rose up to $110.6.