November 27, 2009
SINGAPORE (AFP) - Oil prices fell in Asian trade Friday, pulled by equities markets that were spooked by a shock call from the Dubai government to suspend the debt of a key state company.
New York's main contract, light sweet crude for January delivery, fell 3.66 dollars to 74.30 dollars a barrel in the afternoon.
Brent North Sea crude for January delivery dropped 1.04 dollars to 75.95 dollars.
"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 announcement from Dubai Wednesday requesting a debt moratorium of at least six months for conglomerate Dubai World.
Major regional bourses were trading lower following the call, with Tokyo, Shanghai and Hong Kong all slumping Friday due to fears of a widespread default.
