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Oil falls 2.7 percent on Dubai default worries
NEW YORK (Reuters) – Oil prices dropped over 2 percent to nearly $76 a barrel on Friday as fears of possible defaults in Dubai convulsed financial markets and boosted safe-haven demand for the U.S. dollar.
U.S. crude for January delivery fell $2.08 to $75.88 a barrel by 11:51 a.m. (1651 GMT), 2.7 percent below Wednesday's settlement, after hitting a low of $72.39 a barrel.
U.S. markets were closed on Thursday for the Thanksgiving holiday.
NEW YORK (Reuters) – Oil prices dropped over 2 percent to nearly $76 a barrel on Friday as fears of possible defaults in Dubai convulsed financial markets and boosted safe-haven demand for the U.S. dollar.
U.S. crude for January delivery fell $2.08 to $75.88 a barrel by 11:51 a.m. (1651 GMT), 2.7 percent below Wednesday's settlement, after hitting a low of $72.39 a barrel.
U.S. markets were closed on Thursday for the Thanksgiving holiday.
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