MW: Oil futures extend losses to trade below $37 a barrel
Oil futures extended their losses early Tuesday on ongoing worries over a sharp slowdown in global energy demand. Crude oil for February delivery fell 62 cents to $36.97 a barrel in electronic trading on Globex. On Monday, oil futures tumbled nearly 8%. "At this stage, the big drag on energy continues to be the growing impact of the economic recession on global energy consumption," said Edward Meir, an analyst at MF Global. "If anything, far from stabilizing, things seems to be getting worse on the macro front by the day, as the numbers we are seeing coming from a variety of countries are all growing in terms of magnitude."
