Oil follows real estate business in Dubai
Devaluation of oil to 4% is caused by default in Dubai
In brief: Information about default in Dubai has caused the devaluation of oil at New York exchanges to more than 4%. Now it is $74.54 per barrel.One application for a postponement of repayment of debt has become the reason to investor’s worldwide panic, devaluation of rouble and sudden downturn of oil prices. The matter is that that unfortunate application has been from Dubai Government and concerned restructuring of the largest state fund Dubai World. Debt according to application is $60 billion.
As a result oil has fallen in price today to more than 4% and is now $74.54 per barrel. The default of Dubai World has lead to the devaluation of oil to $3.44 at the New York exchange. The lowest price at exchange was fixed $74.41 per barrel.
Ukranian Globalist2009-11-27 21:07, Society.
News on: Dubai Government, exchange, industry, New York, oil, Oil prices, real estate, result oil, USD