Crude oil futures extend losses on weak Asian cues

Crude oil futures plunged by 2.49% to Rs 5,124 per barrel today as speculators indulged in trimming positions after it sank to over two-year lows in Asian markets.

At the Multi Commodity Exchange, crude oil for delivery in November shed Rs 131, or 2.49%, to Rs 5,124 per barrel in 850 lots.

The oil for delivery in October moved down by Rs 128, or 2.43%, to Rs 5,136 per barrel in a volume of 5,658 lots.

Market analysts said trading sentiment remained subdued in futures trade, tracking a weak trend in Asian trade where crude sank to more than two-year lows as weak economic data from Germany underscored concerns over a global economic slowdown and its impact on energy demand.
 

Meanwhile, West Texas Intermediate (WTI) crude oil for November delivery tumbled by $1.49 to $84.87 a barrel on the New York Mercantile Exchange, its weakest level since June 2012.

Brent crude for November dipped $1.61 to $88.44 per barrel, also the lowest level since June 2012.