Crude oil falls
In New York, crude oil fell, trading below $90 a barrel. This was mainly because of weak consumption in the US. and other developed nations amid a worsening economic crisis.
Oil retreated after rising 2.6 percent on Tuesday. Gasoline demand in the US dropped 9.5 per cent last week, according to MasterCard Inc.. A steady fall in demand prompted the Energy Department to cut its oil price forecasts.
Global stock markets have plunged as banks freeze credit lines to investors and companies.
Crude oil for November delivery fell as much as $1.44, or 1.6 per cent, to $88.62 a barrel in electronic trading on the New York Mercantile Exchange, and traded at $88.67 a barrel at 1:38 p.m. in Singapore.
Futures have declined 40 per cent from the record $147.27 reached July 11. On Tuesday, crude oil rose $2.25 to $90.06 a barrel in New York.
Image: A car being filled up with fuel. | Photograph: Romeo Gacad/AFP/Getty Images
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