(Yicai Global) Dec. 21 -- China's crude oil futures have hit a record low after a plummet in international prices.

China's main futures contract for crude oil, due in March, was down 3.3 percent at CNY387.2 (USD56.1) a barrel as of 14.26 p.m., the lowest since the contracts became available.

The Organization of Petroleum Organizing Countries had agreed to cut production, but increased US crude output, high inventories and a poor demand outlook weighed down on international prices last night.

The United States West Texas Intermediate futures due in February closed down 4.75 percent yesterday at USD45.88 a barrel, while Brent contracts due the same month were down 5.05 percent at USD54.35.