NEW DELHI: Crude oil on Wednesday extended its losses by losing another 2.26 per cent in futures trading on the Multi Commodity Exchange on
demand concerns amid increasing worries about a global slowdown.
The crude for December-month contract remained hardest hit and lost another 2.26 per cent at Rs 2,423 per barrel on the MCX counter with a business turnover of 2,331 lots.
Similarly, January contract for the crude moved down by 2.06 per cent to Rs 2,526 per barrel in a turnover of 220 lots, while February contract shed 0.94 per cent at Rs 2,636 per barrel, clocking business turnover of four lots.
Market analysts said fears that the global economic slump will cut demand mainly put pressure on the crude oil prices, which dipped to over three-year low.
Globally, crude for January dropped 2.32 dollars to close at 46.96 dollars on the New York Mercantile Exchange. It is the first time that the benchmark contract has settled below 47 dollars since May 2005.
Oil prices have plummeted amid the global financial crisis from record highs of 147.27 dollar a barrel, hit on July 11.
