International crude oil prices which were rising sharply over the past few months have remained fairly constant over the past two weeks at around US$70 per barrel.
According to the latest market data, a barrel of crude oil was selling at US$70.95 on Thursday, which is a slight decrease from last Thursday's price of US$71.22.
The sharp decline in crude oil prices triggered off the controversy surrounding the Ceylon Petroleum Corporation and its hedging contracts with several internatinoal and local banks.
Oil prices reached a record high of US$147.22 in July 2008 before plummeting to US$33.87 in December of that same year. Prices in March and April 2009 were just below US$50 per barrel before prices started steadily increasing over the next few months and ending up at US$70.95 this week.
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