Oil prices dip in Asia

November 27, 2009
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, SINGAPORE, Nov 27 – Oil prices fell in Asian trade on 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 2.75 dollars to 75.21 dollars a barrel.

Brent North Sea crude for January delivery dropped 47 cents to 76.52 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 shock announcement by Dubai Wednesday requesting a debt moratorium of at least six months for conglomerate Dubai World.

Major regional bourses were trading lower following the announcement, with Tokyo, Shanghai and Hong Kong all slumping in Friday trade due to fears of a widespread default.

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