Crude Oil Futures Tumble to Six-Week Low on Dubai Debt Crisis

Crude oil fell to the lowest level in six weeks as Dubai’s attempt to reschedule its debt bolstered the dollar and prompted investors to sell commodities.

Oil dropped as much as 7.1 percent as the U.S. currency climbed, dulling the appeal of raw materials as an alternative investment, and equities tumbled. Dubai World, the government investment company burdened by $59 billion of liabilities, sought to delay repayments, raising concern that worsening defaults may hold back the global recovery.

“The situation in Dubai revives worries about the recovery of the economy,” said Adam Sieminski, chief energy economist at Deutsche Bank AG in Washington. “The strength of the recovery has an obvious and immediate impact on both oil demand and prices.”

Read Full Article from Bloomberg

- Posted: 2009-11-27 11:12:30

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