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Nov 20, 2008

Crude oil dips below $50 a barrel

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Business News: The crude oil price dips further the oil was traded below $50 per barrel, according to media reports. This is a big relief to the oil companies in India and across the world. Once it was expected that the price of the crude would cross the mark of $200 per barrel. It was also reported in the media that the dip of the oil was short term but the further soften in the price will be good sing for the world economy.

The value of the rupees was also decreased further to around 50 rupees per dollar. This was another lower figures after October, as it was recorded at around 50.20 rupees, according to media reports. Another big news for Indian economy is today that the inflation also dips further to8.90 per cent. There are good reason for the Indian economy today but the stock market crashed and trades below 9k mark today due to the global crisis. The sensex closed at 8451 points with fall of 322 points.


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