Crude Oil Tumbles on Dubai Crisis

Posted by Mark Shenk

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By Mark Shenk

Nov. 27 (Bloomberg) — Crude oil fell the most in seven months as Dubai’s attempt to reschedule its debt bolstered the dollar and prompted investors to sell commodities.

Oil dropped more than 7.1 percent as the U.S. currency climbed, dulling the appeal of raw materials as an alternative investment, and equities fell. Dubai World, the government investment company burdened by $59 billion of liabilities, sought to delay repayments, raising concern worsening defaults may hold back the global recovery.

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