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World crude falls sharply on US crisis
2008-10-01 11:05:06

World crude prices fell sharply to $92.52 per barrel (Brent variety) on Tuesday on fears of a US financial crisis escalating after Congress rejected a $700 billion bailout package to revive a string of failed financial institutions, officials said in Colombo on Wednesday.

According to the Central Bank, which releases indicative rates of global crude prices pegged to the Brent and OPEC baskets, said the OPEC basket fell to $94.05 on Tuesday against $97.90 on Monday. Brent was trading at $98.72 on Monday.

In the Singapore Refined Products market on Tuesday, petrol was trading at $104.30, diesel at $116.45 and kerosene at 118.15.
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