India, Dec. 7 -- Crude oil futures extended their previous session losses and ended with cut of over two percent on Thursday after the Organisation of the Petroleum Exporting Countries (OPEC) failed to offer details on its expected production cut, opting to wait until after it meets with other producers Friday. Growing concerns that oil producers will not reach an agreement to aggressively reduce output has also weighed on price. However, the Energy Information Administration (EIA) said US crude supplies fell by 7.3 million barrels for the week ended November 30. That marked the EIA's first reported weekly supply decline in 11 weeks.

Benchmark crude oil futures for January plunged $1.40 or 2.7 percent to settle $51.49 a barrel on the New Y...