World crude falls, LIOC shares draw interest

World fuel prices, which are on an easing trend, on Wednesday fell to $122.37 per barrel for the Brent variety while the OPEC basket was trading at $121.73, the Central Bank said.

The trend in world prices was also reflected in the Colombo stock markets today where a large parcel of LIOC shares were traded at a higher price with investors believing that lower crude prices would help to generate more volume sales for LIOC and in turn raise profits. In the refined products market in Singapore, petrol traded at $124, diesel at $154.50 and kerosene at $156.90.