Crude oil futures extend losses for second consecutive day

Oil........
Crude oil futures are trading lower for the second consecutive day as speculators offloaded their positions driven by weak trend in domestic as well as overseas markets. Further US crude oil stockpiles rose last week, signaling weakening demand for the fuel in the world’s biggest crude oil consuming nation. The US EIA said oil inventories rose by 2.624 million barrels last week, down from 3.833 million in the preceding week, also influenced the prices. The contract for March delivery was trading at Rs 5034.00/1 BBL, down by 0.14% or Rs 7.00 from its previous closing of Rs 5041.00/1 BBL. The open interest of the contract stood at 26103.00 lots. The contract for April delivery was trading at Rs 5085.00/1 BBL, down by 0.10% or Rs 5.00 from its previous closing of Rs 5090.00/1 BBL. The open interest of the contract stood at 9242.00 lots on MCX.