NEW YORK (MarketWatch) -- Oil futures traded lower early Thursday, extending their decline from the previous session. Crude oil for December delivery dropped $1.43 to $63.83 a barrel in electronic trading on Globex. Oil fell "as global recessionary concerns intensified after a sharp slide in global equities," wrote analysts at Sucden Research in a note. "Oil prices are more or less tracking the movements of global equity markets at the moment, as market participants view the indices as a gauge for economic conditions and hence as indicators for future oil demand."
