MCX Crude oil futures slid on weak global cues

NEW DELHI: The crude oil extended yesterday's losses and fell by another 2.86 per cent in futures trading on Wednesday after it dropped to four-week low in global markets as a US government report showed a bigger-than-expected increase in inventories. O il for the most-active, February contract fell sharply by 2.86 per cent to Rs 1,768 a barrel on the Multi Commodity Exchange, recording business turnover of 1,298 lots. Similarly, March-month contract moved down by 1.45 per cent to Rs 2,100 a barrel in a turnover of 335 lots, while far-month April contract lost 0.96 per cent at Rs 2,281 a barrel, clocking business turnover of 12 lots. Market experts said falling global demand due to worsening recession and mounting stockpiles mainly put pressure on the crude oil prices. Meanwhile, in the overseas market, crude oil for March delivery traded 3 per cent down at $35.91 a barrel on the New York Mercantile Exchange. (source: Press Trust of India)