Crude oil extends losses on weak global cues

Crude oil futures prices today fell 0.96% to Rs 5,034 per barrel, as speculators engaged in reducing their positions amid a weakening trend overseas.

At the MCX, the May contract declined by Rs 49, or 0.96%, to Rs 5,034 per barrel in a turnover of 12,679 lots.

The June delivery moved down by Rs 47, or 0.92%, to Rs 5,079 per barrel in 2,200 lots.

Analysts said trading sentiments remained weak at futures trade after crude oil prices fell to fresh six-month lows in Asia on political uncertainty in the euro zone and reports of more-than-expected surge in US crude supplies

Meanwhile, crude oil for delivery in June fell $1.22 to $92.76 a barrel at mid-day, the lowest since November on the New York Mercantile Exchange.