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Friday, November 27, 2009

Oil Flunks Below $73 As Dollar, Yen Surge

Crude futures dropped more than 7% on Friday, breaking below $73 a barrel, as investors spooked by Dubai's debt troubles sold assets perceived as risky, including commodities ranging from oil to metals. 

Crude oil for January delivery fell to an intraday low of $72.39 a barrel in electronic trading on Globex. The contract was last down $3.89, or 5%, to $74.07 a barrel.

The prices of oil, gold and other commodities fell sharply, as the U.S. dollar and the Japanese yen rose on the back of safe-haven inflows.

U.S. stock-index futures indicated a sharply lower opening on Wall Street in the wake of losses in European equities and a sell-off in Asia.

Oil prices have so far fallen about 10 per cent since striking a year high of $82 early last month, as lack lustre economic data and bulging fuel inventories in the United States combine to dent hopes of a swift recovery in energy demand.

MCX December dated oil contract slumped to as low as Rs 3412 per barrel down more than Rs 150 from yesterdays closing. The domestic commodities were however supported by the heavy losses in Indian Rupee, which fell due on capital outflows.
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