Oil, mineral, exploration
Oil dips in line with stock markets
Thursday, 26 November 2009 18:07World oil prices slumped this evening in line with stock markets and following a strong rally the previous day. US crude retreated $1.80 to $76.16 a barrel, while Brent crude sank $1.42 to $77.02.
Global stock markets plunged today after Dubai's shock call to suspend the debt of a key state company.
Crude prices slid one day after surging on US economic data that signalled a possible upturn in demand for energy in the US - the world's biggest oil-consuming nation.
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Crude oil also won support on Wednesday also from the weak US dollar, which makes dollar-denominated raw materials cheaper for buyers using other currencies, boosting demand and eventually prices.
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