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Benchmark crude for June delivery was down $1.56 at $112.37 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange.

 
 
The jury is presently in deliberation over the charges of 14 counts of securities fraud and conspiracy against Galleon Group founder Raj Rajaratnam.
New York's main contract, light sweet crude for delivery in June rose 13 cents to $108.41 a barrel, while Brent North Sea crude for June eased 13 cents to $121.20.
 
 
The rating agency cut it's outlook to "negative", which normally means there is a one-third chance of a downgrade of the ratings in the next two years.
The World Bank said China's economic growth has remained resilient as the macro stance moved toward normalisation and the economic outlook remains broadly favourable.
Standard & Poor's revising the long-term sovereign rating of the US to 'Negative' from 'Stable' is set to benefit India by increasing foreign investment inflows.
As oil is priced in dollars, a weaker greenback makes it cheaper for holders of stronger currencies, perking up demand and helping push prices higher.
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