Crude oil plunges to six week lows as Dubai crisis unveils

Light, sweet crude for January delivery plunged by over four dollars to US$73.7 on the Nymex while Brent crude on the ICE futures exchange settled at US$75.3. Crude oil futures have plunged to six week lows as the Dubai crisis unveiled over the weekend. Attempt by Dubai to reschedule its debt rekindled credit concerns and sent tremors in global markets about the strength and stability of economic recovery. The crisis boosted the dollar and triggered a sell off in commodities by investors as Dubai World, the government investment company burdened by US$59 bln of liabilities, sought to delay repayments. The euro was down more than 1% against the US dollar as investors trimmed risk exposure. A stronger dollar diminishes the appeal for some investors of oil and commodities priced in the US currency.
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