Further cut in oil prices

 Domestic prices have been cut gradually following the continued fall in global levels. Dubai crude oil was traded at US$47.75 per barrel on Tuesday. Refined petrol in Singapore stood at $46.22 while diesel at $69.57.

 Global oil prices have been declining on fears of recession which should deplete oil demand. Of the latest, Citigroup announced the layoff of 52,000 employees. Europe and Japan reported a negative growth rate, automatically plunging into recession. Oil prices are expected to fall further, as US oil reserves - to be announced later this week - are likely to pick up while the Kirkuk-Ceyhan pipeline in Iraq is put back to operations.

 However, the Organisation of Petroleum Exporting Countries, led by Iran and Ecuador, will consider the proposed cut in production output by 1-1.5 million barrels a day at the emergency meeting on November 29.