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Friday, November 27, 2009
Crude Oil Ends Down 2% On Dubai Jitters
By Laura Mandaro
MarketWatch Pulse
SAN FRANCISCO -- Crude prices ended the New York floor session moderately lower Friday, coming off a steep drop posted earlier in the session, as traders assessed the likely fallout from a possible $60 billion debt default by a Dubai conglomerate. Oil for January delivery ended down $1.91 a barrel, or 2.4%, at $76.05 a barrel. Earlier it had dropped more than 7% as the U.S. dollar bounced higher. Over the session, more analysts concluded that a default by Dubai World was unlikely to have the far-reaching ramifications of Lehman Brothers' September 2008 collapse. Natural gas for January delivery ended up 3 cents, or 0.6%, at $5.192 per million British thermal units.
Copyright © 2009 MarketWatch, Inc.
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