International BusinessOil lower in Asian trade on Dubai World debt concerns
Oil prices fell in Asian trade today, pulled by equities markets that were spooked by a shock call from the Dubai government to suspend the debt of a key state company.
- Money floods into wastewater treatment - IOCL invests Rs 2,200 cr in Paradeep refinery - CLP to meet today - IOC to invest Rs 4,650 cr in pipeline projects - ONGC eyes 20-25% stake in Iranian gas field - Oil lower in Asia trade on profit-taking
New York"s main contract, light sweet crude for January delivery, fell $2.75 to $75.21 a barrel.
Brent North Sea crude for January delivery dropped 47 cents to $76.52.
"Equities markets were being sold off strongly... And oil is a victim of that," said Ben Westmore, a minerals and energy economist with National Australia Bank in Melbourne.
Westmore added that shares were being hit by the shock announcement by Dubai Wednesday requesting a debt moratorium of at least six months for conglomerate Dubai World.
Major regional bourses were trading lower following the announcement, with Tokyo, Shanghai and Hong Kong all slumping in Friday trade due to fears of a widespread default.