Crude oil futures extends losses on weak Asian trend

Crude oil futures dived 2.44 per cent to Rs 2,235 per barrel today as speculators remaining engaged in offloading positions amid a weakening trend in Asian trade.
At Multi Commodity Exchange, crude oil for delivery this month traded Rs 56, or 2.44 per cent lower at Rs 2,235 per barrel in 5,863 lots.
Oil for February delivery also moved down Rs 56, or 2.34 per cent, to Rs 2,342 per barrel in 556 lots.
The trading sentiment dampened in futures trade as crude oil plunged close to USD 33 a barrel today as it extended losses on rising US energy stockpiles and China's weakening currency, analysts said.

Meanwhile, West Texas Intermediate (WTI) crude for February delivery was down 60 cents to USD 33.37 while Brent crude for February fell 62 cents to USD 33.61 a barrel on the New York Mercantile Exchange.
It had closed below USD 35 for the first time in more than 11 years at USD 34.23 a barrel. The last time the price of Brent was so low was in July 2004.