Oil price dips

New York, Oct. 15: Oil tumbled to touch a 13-month low on expectations that the deepening economic slowdown will cut into already weakening demand. US crude fell $3 a barrel to $75.63 by 1755 GMT, after sliding to $74.57, the lowest since September 2007 and down nearly 50 per cent since hitting a record over $147 in July. London Brent crude traded down $2.92 to $71.61 a barrel.

Steel duty

New Delhi, Oct. 15: Steel minister Ram Vilas Paswan said the government would consider imposing a five per cent import duty on cheaper shipments and scrapping the export levy of up to 15 per cent. The ministry will hold a meeting with the domestic steel producers on October 17 to decide on these matters.