UAE: Potential Default Pushes Oil Below us$75
|
|
|
|
Monday, 30 November 2009 |
|
Oil prices sank to a six-week low below $73 a barrel over the week-end
as fears of debt default in Dubai affected financial markets and the
dollar rose as investors moved into safer assets.
The euro was down more than 1 percent against the U.S. currency as
investors trimmed risk exposure. A stronger dollar diminishes the
appeal for some investors of oil and commodities priced in the U.S.
currency.
Dubai has asked for a debt standstill on tens of billions of dollars as
part of a restructuring, sparking debt default fears that could hit
other parts of the global economy and derail a fledgling recovery from
2008's global financial crisis.
PetrolWorld 291109
|
