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Oil prices declined further on Friday (Sep 26) as US authorities failed to come out with a decision on the $700 billion plan to bailout its financial sector.

For next month (November) delivery, light, sweet crude dropped $1.13 to settle at $106.89 per barrel on the New York Mercantile Exchange (NYMEX).

Gasoline futures declined 3.22 cents to end at $2.6651 per gallon. The retail price of a gallon of regular gas was $3.686.

Heating oil futures plummeted 3.09 cents to settle at $3.0174 per gallon at the New York Mercantile Exchange.

Washington - The troubled automakers General Motors, Ford and Chrysler got a lift Saturday from the US Congress, which gave the final green-light for 25 billion dollars in loans to the auto industry to help develop fuel-efficient cars.

Congress also lifted an offshore oil-drilling ban and approved 602 billion dollars for the departments of defence, homeland security and veterans affairs.

The final approval came from the Senate after the House of Representatives gave approval earlier this week.

Global wire and cable solutions provider for the power and telecom industry, Sterlite Technologies Limited, has received an order worth Rs 254 crore from Power Grid Corporation of India (PGCIL).

Under the contract, the company will supply Sterlite's ACSR Moose power conductors to Power Grid Corp.

As per PGCIL's requirement, about 60% of the contract value would be executed within this year.

Kolkata-headquartered McNally Bharat Engineering has secured an order worth Rs 115 crore from Bharat Heavy Electricals Ltd (BHEL), Bangalore.

The contract involves design, engineering, supply, E&C and structural steel works of coal handling plant mechanical equipments for GSECL, 1x500 MW UKAI Project. The contract is schedule to be completed in 18 months from the date of LoI.