Crude oil extend losses, down Rs 104 on weak global cues

Continuing its weakness, crude oil futures fell by another Rs 104 to Rs 3,999 per barrel Wednesday as speculators engaged in cutting down holdings positions, triggered by a weakening trend overseas.

Analysts said sentiments remained weak as global crude oil prices fell to a one-year low of USD 65 a barrel in global markets Tuesday on surging supply and expectations of faltering demand.

Meanwhile, crude prices in global market have fallen by over 25 per cent since early October.

At the Multi Commodity Exchange, crude for delivery in November was sharply down by Rs 104, or 2.53 per cent, to Rs 3,999 per barrel in a business volume of 2,194 lots.

The oil for delivery in December also fell by Rs 95, or 2.30 per cent, to Rs 4,030 per barrel in 967 lots.

The West Texas Intermediate (WTI) crude lost 0.38 per cent to USD 55.48, while Brent crude, the international benchmark fell 0.20 per cent to USD 65.34 a barrel at the New York Mercantile Exchange.