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Three months ago, crude had rocketed to a record $147 a barrel because investors were confident the world's thirst for oil would only continue to grow.
Georgia and Texas banks with $544 million in deposits were shut by state regulators, raising the failure toll to 25 for this year, as mortgage delinquencies and home foreclosures climb in a deepening U.S. recession.
Crude oil rose, touching $49 in New York, after OPEC’s Secretary-General Abdalla El-Badri said the group needs to make a “sizeable” production cut at this week’s meeting in Algeria.